[%BKeG%] 
Research by APEX
HOLD – TP RM 2.24

"Within expectations”

• Sarawak Plantation recorded CNP of RM13.8m (+15.8% yoy, +24.5% qoq) in 2QFY24, bringing 1HFY24 CNP to RM24.9m (+8.4% yoy), which was within ours and consensus’ expectations, accounting for 34% and 36% of forecasts respectively.
• Looking ahead, we expect earnings to recover lost ground in view of upcoming seasonal production upcycle.
• We kept our earnings forecast unchanged with recommendation to HOLD. Our TP of RM2.24 is based on 7.9x PE with rolled over FY25 EPS of 28.3sen.

Analyst:
Steven Chong
[%bdmr%]

$KLSE-SWKPLNT 
Research by APEX
HOLD – TP RM 2.24

"Within expectations”

• Sarawak Plantation recorded CNP of RM13.8m (+15.8% yoy, +24.5% qoq) in 2QFY24, bringing 1HFY24 CNP to RM24.9m (+8.4% yoy), which was within ours and consensus’ expectations, accounting for 34% and 36% of forecasts respectively.
• Looking ahead, we expect earnings to recover lost ground in view of upcoming seasonal production upcycle.
• We kept our earnings forecast unchanged with recommendation to HOLD. Our TP of RM2.24 is based on 7.9x PE with rolled over FY25 EPS of 28.3sen.

Analyst:
Steven Chong
stevenchong@apexsecurities.com.my

$SWKPLNT / 5135 (SARAWAK PLANTATION BERHAD)