[%BuHR%]
Research by Kenanga
Outperform – TP RM6.00

“Indonesian Estates Drive Growth"

UMCCA’s FY24 results beat expectations on a bumper 4QFY24. Its FY24 core net profit eased 3% YoY as higher production was offset by lower CPO prices. Its FY25 earnings outlook is positive underpinned by firm CPO prices, easier cost and growing Indonesian FFB harvest. We raise our FY25F core net profit forecasts by 3% and maintain our TP of RM6.00 and OUTPERFORM call.

Analyst:
Teh Kian Yeong 
[%IudX%]

$KLSE-UMCCA
Research by Kenanga
Outperform – TP RM6.00

“Indonesian Estates Drive Growth"

UMCCA’s FY24 results beat expectations on a bumper 4QFY24. Its FY24 core net profit eased 3% YoY as higher production was offset by lower CPO prices. Its FY25 earnings outlook is positive underpinned by firm CPO prices, easier cost and growing Indonesian FFB harvest. We raise our FY25F core net profit forecasts by 3% and maintain our TP of RM6.00 and OUTPERFORM call.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my