[%JqxA%] 
Research by CGS
ADD – TP RM2.80

" Better 2Q24 results; likely stronger 2H24F”

■ 1H24 core net profit was below our and Bloomberg consensus expectations, at 31% and 33% of full-year estimates, respectively.
■ Having said that, 2Q24 core net profit came in much higher qoq and yoy, mainly buoyed by the higher CPO and PK ASP.
■ We expect net profit to continue to recover in 2H24F as CPO prices remain high while the 2H24F peak crop season should lift FFB output.
■ Reiterate Add with TP of RM2.80, still based on 10x 2025F P/E. Sarawak Plantation also provides a decent dividend yield of about 5% for FY24F

Analyst:
Jacquelyn YOW
[%LMUo%]

$KLSE-SWKPLNT 
Research by CGS
ADD – TP RM2.80

" Better 2Q24 results; likely stronger 2H24F”

■ 1H24 core net profit was below our and Bloomberg consensus expectations, at 31% and 33% of full-year estimates, respectively.
■ Having said that, 2Q24 core net profit came in much higher qoq and yoy, mainly buoyed by the higher CPO and PK ASP.
■ We expect net profit to continue to recover in 2H24F as CPO prices remain high while the 2H24F peak crop season should lift FFB output.
■ Reiterate Add with TP of RM2.80, still based on 10x 2025F P/E. Sarawak Plantation also provides a decent dividend yield of about 5% for FY24F

Analyst:
Jacquelyn YOW
jacquelyn.yow@cgsi.co

$SWKPLNT / 5135 (SARAWAK PLANTATION BERHAD)