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Research by Kenanga 
MARKET PERFORM – TP RM21.10

" Bags RM275m E&O Building Job”

KLK’s 9MFY24 results were in line with Kenanga’s estimate but below market expectation. 9MFY24 core net profit slid 14% YoY as better upstream performance which was underpinned by higher FFB harvest and PK prices was dragged down by weaker downstream that could persist. Thus, we maintain FY24-25F core net profit forecasts, TP of RM21.00 and MARKET PERFORM call on limited downside but there is no strong upside turnaround either.

Analyst:
Khoo Teng Chuan 
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$KLSE-KLK
Research by Kenanga 
MARKET PERFORM – TP RM21.10

" Bags RM275m E&O Building Job”

KLK’s 9MFY24 results were in line with Kenanga’s estimate but below market expectation. 9MFY24 core net profit slid 14% YoY as better upstream performance which was underpinned by higher FFB harvest and PK prices was dragged down by weaker downstream that could persist. Thus, we maintain FY24-25F core net profit forecasts, TP of RM21.00 and MARKET PERFORM call on limited downside but there is no strong upside turnaround either.

Analyst:
Khoo Teng Chuan 
 khootc@kenanga.com.my