[%KVRf%] 
Research by PIB
Neutral – TP of MYR 4.46

“A Strong Start” 

After stripping out all the non-core items, SD Guthrie (previously known as Sime Darby Plantation) kick started 1QFY24 with core earnings of RM211m, up 205% YoY. The results accounted for 13.7% and14.5% of our and the consensus fullyear expectations. Nevertheless, we deem the results in line as 1H FFB production is generally lower due to shorter working period and lower FFB yield. During briefing, management guided that it plans to create recurring income by venturing into various non-plantation businesses, namely, renewable energy, industrial park development and others.

Analyst(s):
Chong Hoe Leong
[%LbHe%]

$KLSE-SIMEPLT 
Research by PIB
Neutral – TP of MYR 4.46

“A Strong Start” 

After stripping out all the non-core items, SD Guthrie (previously known as Sime Darby Plantation) kick started 1QFY24 with core earnings of RM211m, up 205% YoY. The results accounted for 13.7% and14.5% of our and the consensus fullyear expectations. Nevertheless, we deem the results in line as 1H FFB production is generally lower due to shorter working period and lower FFB yield. During briefing, management guided that it plans to create recurring income by venturing into various non-plantation businesses, namely, renewable energy, industrial park development and others.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)