$UTDPLT / 2089 (UNITED PLANTATIONS BERHAD)
Research by Apex
HOLD– TP RM 27.21

"No Surprise”

• 1HFY24 net profit were within our expectations at 40.0% of our full year forecast. We anticipate earnings to accelerate in 2H24 as UPL enters its peak production phase.
• Looking ahead, we anticipate further weakness in CPO prices trending towards RM3,800/mt in 2H24 as palm oil production enters the peak cycle.
• Maintained our HOLD recommendation with a TP of RM27.21 based on forward PE multiple of 15.2x and FY24F EPS of RM1.79.

Analyst:
Steven Chong
stevenchong@apexsecurities.com.my