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Research by CGS
REDUCE – TP RM3.25

"Downstream remains subdued”

■ FY6/24 core net profit came in below our expectations, contributing 90% of our and 94% of Bloomberg consensus’ forecasts.
■ This was mainly dragged by lower downstream contributions, especially from its refining sub-segment due to high feedstock prices and stiff competition.
■ While we see slight improvement for downstream in 1HFY25F, we think downstream margin for FY25F could be subdued due to stiff competition.
■ Reiterate Reduce, with an unchanged SOP-based TP of RM3.25

Analyst:
Jacquelyn YOW
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$KLSE-IOICORP 
Research by CGS
REDUCE – TP RM3.25

"Downstream remains subdued”

■ FY6/24 core net profit came in below our expectations, contributing 90% of our and 94% of Bloomberg consensus’ forecasts.
■ This was mainly dragged by lower downstream contributions, especially from its refining sub-segment due to high feedstock prices and stiff competition.
■ While we see slight improvement for downstream in 1HFY25F, we think downstream margin for FY25F could be subdued due to stiff competition.
■ Reiterate Reduce, with an unchanged SOP-based TP of RM3.25

Analyst:
Jacquelyn YOW
jacquelyn.yow@cgsi.com