[%cnIL%] 
Research by APEX
Not Rated – TP RM 1.22

" Integrated farm to table poultry player”

• PWF is an integrated poultry player, encompassing a vertically integrated structure from feed production to breeding of day-old chicks (DOC), broiler and egg farming.
• Core earnings are expected to accelerate on the back of lower feedmill cost and higher chicken prices.
• PWF is valued by pegging its FY25F core EPS of 15.2 sen to PE of 8.0x, leading to a FV of RM1.22 (38.6 % potential upside from current price). 

Analyst:
Jayden Tan
[%JRAo%]

$KLSE-PWF 
Research by APEX
Not Rated – TP RM 1.22

" Integrated farm to table poultry player”

• PWF is an integrated poultry player, encompassing a vertically integrated structure from feed production to breeding of day-old chicks (DOC), broiler and egg farming.
• Core earnings are expected to accelerate on the back of lower feedmill cost and higher chicken prices.
• PWF is valued by pegging its FY25F core EPS of 15.2 sen to PE of 8.0x, leading to a FV of RM1.22 (38.6 % potential upside from current price). 

Analyst:
Jayden Tan
kdtan@apexsecurities.com.my