[%Ufoq%]
Research by Kenanga
Market Perform – TP of MYR 1.10

“Rides on Strong Perodua Sales” 

HIL’s 1QFY24 results met expectations. Its 1QFY24 net profit rose 52% YoY driven largely by strong auto parts sales to Perodua and higher property profits. Its manufacturing business will be buoyed by the all-new Perodua D66b in early-2025. We maintain our FY24 net profit forecast, but raise our FY25 number by 10% and lift our TP by 17% to RM1.10 (from RM0.94). Maintain MARKET PERFORM.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
[%mxJJ%]

$KLSE-HIL
Research by Kenanga
Market Perform – TP of MYR 1.10

“Rides on Strong Perodua Sales” 

HIL’s 1QFY24 results met expectations. Its 1QFY24 net profit rose 52% YoY driven largely by strong auto parts sales to Perodua and higher property profits. Its manufacturing business will be buoyed by the all-new Perodua D66b in early-2025. We maintain our FY24 net profit forecast, but raise our FY25 number by 10% and lift our TP by 17% to RM1.10 (from RM0.94). Maintain MARKET PERFORM.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
wanmustaqim@kenanga.com.my