[%Aapv%] 
Research by Maybank
Buy – TP of MYR 4.25

“Targeting 1.0GW in solar power for medium term growth” 

Land is SDPL’s greatest capital and it intends to maximise the value of its land, and slow down outright land sales. As a start, SDPL’s target is to grow its solar capacity to 1GMW in 5 years is a game changer. By our estimate, 1GW solar can potentially bring in recurring income of MYR134m-266m p.a. (or +8%-17% of our FY26E EPS forecast). We are positive on this new model. 1Q24 results came in within our expectation but below street forecasts. We maintain our EPS forecasts, BUY & RNAVTP of MYR4.96 on 0.55x RNAV.

Analyst(s):
Ong Chee Ting, CA
[%NcBm%]

$KLSE-SIMEPLT 
Research by Maybank
Buy – TP of MYR 4.25

“Targeting 1.0GW in solar power for medium term growth” 

Land is SDPL’s greatest capital and it intends to maximise the value of its land, and slow down outright land sales. As a start, SDPL’s target is to grow its solar capacity to 1GMW in 5 years is a game changer. By our estimate, 1GW solar can potentially bring in recurring income of MYR134m-266m p.a. (or +8%-17% of our FY26E EPS forecast). We are positive on this new model. 1Q24 results came in within our expectation but below street forecasts. We maintain our EPS forecasts, BUY & RNAVTP of MYR4.96 on 0.55x RNAV.

Analyst(s):
Ong Chee Ting, CA
ct.ong@maybank-ib.com

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)