[%HqNN%] 
Research by Kenanga
OUTPERFORM – TP RM1.05

"JPY’s Strength May Lift Exports to Japan”

SLP’s 1HFY24 results disappointed due to cost pressures. Nonetheless, its 1HFY24 core net profit surged 32% YoY on strong exports to Japan, which could be further lifted by the increased buying power of Japanese buyers on the heels of the JPY’s strength of late. We cut our FY24-25F earnings forecasts by 11% and 16% respectively, reduce our TP by 9% to RM1.05 (from RM1.16) butmaintain our OUTPERFORM call.

Analyst:
Thin Yun Jing 
 [%zDaX%]

$KLSE-SLP 
Research by Kenanga
OUTPERFORM – TP RM1.05

"JPY’s Strength May Lift Exports to Japan”

SLP’s 1HFY24 results disappointed due to cost pressures. Nonetheless, its 1HFY24 core net profit surged 32% YoY on strong exports to Japan, which could be further lifted by the increased buying power of Japanese buyers on the heels of the JPY’s strength of late. We cut our FY24-25F earnings forecasts by 11% and 16% respectively, reduce our TP by 9% to RM1.05 (from RM1.16) butmaintain our OUTPERFORM call.

Analyst:
Thin Yun Jing 
 thinyj@kenanga.com.my