[%MEUU%] 
Research by Kenanga
Market Perform – TP of MYR 4.00

“A Slow Start for FY24” 

SIMEPLT’s 1QFY24 results disappointed. Nonetheless, its 1QFY24 core net profit more than tripled YoY thanks to higher FFB harvest and lower cost. It is venturing into property and renewable energy but their contributions will not be immediate. We cut our FY24F net profit forecast by 3% but maintain our TP of RM4.00 and MARKET PERFORM call.

Analyst(s):
Teh Kian Yeong 
[%jREj%]

$KLSE-SIMEPLT 
Research by Kenanga
Market Perform – TP of MYR 4.00

“A Slow Start for FY24” 

SIMEPLT’s 1QFY24 results disappointed. Nonetheless, its 1QFY24 core net profit more than tripled YoY thanks to higher FFB harvest and lower cost. It is venturing into property and renewable energy but their contributions will not be immediate. We cut our FY24F net profit forecast by 3% but maintain our TP of RM4.00 and MARKET PERFORM call.

Analyst(s):
Teh Kian Yeong 
tehky@kenanga.com.my

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)