[%Jyxz%] 
Research by RHB
BUY – TP RM 26.15

" Good ESG Progress, Potential Diversification Winner”

As the sector is at a crossroads with rising costs, falling yields, little chance for landbank expansion, is diversification the way forward? Kuala Lumpur Kepong would be a potential winner, given its stronger R&D divisions and more sizeable land for development of renewable energy (RE) projects, real estate and land sales. It is trading at an attractive 21x FY25F P/E, vs its peer range of 18-35x.  

Analyst:
Hoe Lee Leng
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$KLSE-KLK 
Research by RHB
BUY – TP RM 26.15

" Good ESG Progress, Potential Diversification Winner”

As the sector is at a crossroads with rising costs, falling yields, little chance for landbank expansion, is diversification the way forward? Kuala Lumpur Kepong would be a potential winner, given its stronger R&D divisions and more sizeable land for development of renewable energy (RE) projects, real estate and land sales. It is trading at an attractive 21x FY25F P/E, vs its peer range of 18-35x.  

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