[%XCDO%]
Research by Maybank
Hold – TP RM3.95

“Awaiting fresh catalysts in either LSS and/or M&A"

We understand IOI is open to participate in large-scale solar (LSS) farm with the right partner(s) and at the right return. And despite scouting for years now, IOI is still keen on M&A opportunities domestically or abroad for both its upstream and downstream segments. We make no changes to our forecasts ahead of its upcoming full-year results which is likely to be within our expectation (but slightly below consensus). IOI is a HOLD with an unchanged TP of MYR3.95 on 19x FY25E PER, its -0.5SD of 5Y mean. We prefer SDG MK (BUY, CP: MYR4.46, TP: MYR4.96).

Analyst:
Ong Chee Ting, CA
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$KLSE-IOICORP
Research by Maybank
Hold – TP RM3.95

“Awaiting fresh catalysts in either LSS and/or M&A"

We understand IOI is open to participate in large-scale solar (LSS) farm with the right partner(s) and at the right return. And despite scouting for years now, IOI is still keen on M&A opportunities domestically or abroad for both its upstream and downstream segments. We make no changes to our forecasts ahead of its upcoming full-year results which is likely to be within our expectation (but slightly below consensus). IOI is a HOLD with an unchanged TP of MYR3.95 on 19x FY25E PER, its -0.5SD of 5Y mean. We prefer SDG MK (BUY, CP: MYR4.46, TP: MYR4.96).

Analyst:
Ong Chee Ting, CA
ct.ong@maybank-ib.com