[%TUww%] 
Research by Public
Outperform – TP RM2.74

"Expecting More in 2H”

Stripping out gain on fair value of biological assets of RM19.9m and PPE write-off amounting to RM0.2m, Sarawak Plantation registered core earnings of RM25.6m for 2QFY24, up 20.2% YoY. Nevertheless, the results made up only 34% and 31% of our and the street full-year expectations, respectively. We keep our earnings forecasts as we expect a strong catch-up in 2H on the back of seasonally higher production and lower production cost. Maintain Outperform call with an unchanged TP of RM2.74 based on 10x FY25 EPS. No dividend was declared for the quarter.

Analyst:
Chong Hoe Leong
[%JdOz%]

$KLSE-SWKPLNT 
Research by Public
Outperform – TP RM2.74

"Expecting More in 2H”

Stripping out gain on fair value of biological assets of RM19.9m and PPE write-off amounting to RM0.2m, Sarawak Plantation registered core earnings of RM25.6m for 2QFY24, up 20.2% YoY. Nevertheless, the results made up only 34% and 31% of our and the street full-year expectations, respectively. We keep our earnings forecasts as we expect a strong catch-up in 2H on the back of seasonally higher production and lower production cost. Maintain Outperform call with an unchanged TP of RM2.74 based on 10x FY25 EPS. No dividend was declared for the quarter.

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$SWKPLNT / 5135 (SARAWAK PLANTATION BERHAD)