[%hrpx%] 
Research by HLIB
Hold – TP of MYR 4.09

“A slow start” 

1Q24 core net profit of RM220m (+4% QoQ; 2.1x YoY) missed expectations, accounting for only 14.1-15.1% of our and consensus full-year estimates. Key variances against our estimate came largely from weaker-than-expected performance at PNG’s operations and JV performance. We lower our FY24-25 core net profit forecasts by -9.1% and -3.7%, mainly to account for lower FFB output assumption at PNG operations, and lower JV earnings. Post earnings revision, we maintain our HOLD rating on SDPL with a lower TP of RM4.09 based on 20x revised FY24 core EPS of 20.4 sen.

Analyst(s):
Chye Wen Fei
[%kUDO%]

$KLSE-SIMEPLT 
Research by HLIB
Hold – TP of MYR 4.09

“A slow start” 

1Q24 core net profit of RM220m (+4% QoQ; 2.1x YoY) missed expectations, accounting for only 14.1-15.1% of our and consensus full-year estimates. Key variances against our estimate came largely from weaker-than-expected performance at PNG’s operations and JV performance. We lower our FY24-25 core net profit forecasts by -9.1% and -3.7%, mainly to account for lower FFB output assumption at PNG operations, and lower JV earnings. Post earnings revision, we maintain our HOLD rating on SDPL with a lower TP of RM4.09 based on 20x revised FY24 core EPS of 20.4 sen.

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

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)