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Research by HLIB
Buy – TP RM2.16

“FFB output recovery in subsequent quarters"

HSP’s 1Q24 core net profit of RM24.5m (-41.5% QoQ; +12.2% YoY) accounted for 21.3-22.2% of consensus and our full-year estimates. We consider the results within expectations, as we expect FFB output to come in stronger in subsequent quarters. We raise our FY24 core net profit forecast by 4.7%, while leaving FY25-26 largely unchanged, as we recalibrated our valuation parameters following the release of latest annual report. Post earnings adjustment, we maintain our BUY rating on HSP with a higher TP of RM2.16 (from RM2.06 earlier) based on 15x revised FY24 core EPS of 14.4 sen.

Analyst:
Chye Wen Fei
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$KLSE-HSPLANT
Research by HLIB
Buy – TP RM2.16

“FFB output recovery in subsequent quarters"

HSP’s 1Q24 core net profit of RM24.5m (-41.5% QoQ; +12.2% YoY) accounted for 21.3-22.2% of consensus and our full-year estimates. We consider the results within expectations, as we expect FFB output to come in stronger in subsequent quarters. We raise our FY24 core net profit forecast by 4.7%, while leaving FY25-26 largely unchanged, as we recalibrated our valuation parameters following the release of latest annual report. Post earnings adjustment, we maintain our BUY rating on HSP with a higher TP of RM2.16 (from RM2.06 earlier) based on 15x revised FY24 core EPS of 14.4 sen.

Analyst:
Chye Wen Fei
wfchye@hlib.hongleong.com.my

$HSPLANT / 5138 (HAP SENG PLANTATIONS HOLDINGS BERHAD)