$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
Research by Kenanga
Market Perform – TP RM6.30

“A Strong Start to FY24"

BIPORT’s 1QFY24 results beat expectations. Its 1QFY24 core net profit doubled YoY driven by strong cargo volumes and lower finance cost and tax. We raise our FY24-25F net profit forecasts by 20% and 7%, respectively, lift our TP by 7% to RM6.30 (from RM5.90) but maintain our MARKET PERFORM call.

Analyst:
Wan Mustaqim
wanmustaqim@kenanga.com.my