[%NUPW%]
Research by RHB
Buy – TP RM4.30

“Laggard Play Trading At a Discount To Peers; Still BUY"

Maintain BUY, with new SOP-based MYR4.30 TP from MYR4.40, 16% upside and c.2% FY24F (Jun) yield. Although we expect FY24F to end the year flattish YoY, some improvement should be seen in FY25F as downstream earnings improve on global demand recovery. Valuation remains attractive – at 18.6x 2024F P/E – which is at the low end of its peer range of 20-25x.

Analyst:
Hoe Lee Leng 
[%CgjB%]

$KLSE-IOICORP
Research by RHB
Buy – TP RM4.30

“Laggard Play Trading At a Discount To Peers; Still BUY"

Maintain BUY, with new SOP-based MYR4.30 TP from MYR4.40, 16% upside and c.2% FY24F (Jun) yield. Although we expect FY24F to end the year flattish YoY, some improvement should be seen in FY25F as downstream earnings improve on global demand recovery. Valuation remains attractive – at 18.6x 2024F P/E – which is at the low end of its peer range of 20-25x.

Analyst:
Hoe Lee Leng 
hoe.lee.leng@rhbgroup.com