$HSPLANT / 5138 (HAP SENG PLANTATIONS HOLDINGS BERHAD)
Research by Apex
Hold – TP RM1.93

“Dampened by lower sales volume"

• 1QFY24 core net profit at RM24.2m was well within our and consensus expectation.
• Reported flattish topline led by a decline in CPO and PK sales volumes, which offsets gains from the improved ASP of both products.
• We maintain our HOLD recommendation with a target price of RM1.93 by pegging PE multiple of 13.4x to FY24F EPS of RM0.14.

Analyst:
Steven Chong
stevenchong@apexsecurities.com.my