[%skwp%]
Research by RHB 
Buy – TP RM 4.50

"Strong Downstream Recovery In 4QFY24; Keep BUY”

Maintain BUY, with new SOP-based TP of MYR4.50 from MYR4.45, 19% upside and c.3% FY25F (Jun) yield. IOI Corp’s FY24 core net profit was within our, but below consensus estimates. For FY25, we expect its upstream earnings to improve on the back of lower costs, while downstream earnings should see improvements from the oleochemical and specialty fats subsegments. Its valuation remains attractive – at 18x 2025F P/E – which is at the lower end of its peer range of 18-22x

Analyst:
Hoe Lee Leng
[%WZPm%]

$KLSE-IOICORP
Research by RHB 
Buy – TP RM 4.50

"Strong Downstream Recovery In 4QFY24; Keep BUY”

Maintain BUY, with new SOP-based TP of MYR4.50 from MYR4.45, 19% upside and c.3% FY25F (Jun) yield. IOI Corp’s FY24 core net profit was within our, but below consensus estimates. For FY25, we expect its upstream earnings to improve on the back of lower costs, while downstream earnings should see improvements from the oleochemical and specialty fats subsegments. Its valuation remains attractive – at 18x 2025F P/E – which is at the lower end of its peer range of 18-22x

Analyst:
Hoe Lee Leng
hoe.lee.leng@rhbgroup.com