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Research by RHB
BUY – TP RM5.10

" On Track For a Record-Breaking Year; Keep BUY”

2Q24F earnings should continue showing resilience, with a record-breaking year expected, backed by uptrending ASP, higher revenue and favourable hedging positions. We remain sanguine on Guan Chong’s outlook and earnings potential during this super cycle, bolstered by historic high ratios amid sustained cocoa demand, coupled with limited grinding and bean-on-offer. In our view, its Ivory Coast and UK capacity expansion would be the medium-term catalyst.

Analyst:
Lee Meng Horng
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$KLSE-GCB
Research by RHB
BUY – TP RM5.10

" On Track For a Record-Breaking Year; Keep BUY”

2Q24F earnings should continue showing resilience, with a record-breaking year expected, backed by uptrending ASP, higher revenue and favourable hedging positions. We remain sanguine on Guan Chong’s outlook and earnings potential during this super cycle, bolstered by historic high ratios amid sustained cocoa demand, coupled with limited grinding and bean-on-offer. In our view, its Ivory Coast and UK capacity expansion would be the medium-term catalyst.

Analyst:
Lee Meng Horng
lee.meng.horng@rhbgroup.com