[%aYWm%] 
Research by RHB 
Buy – TP RM 5.10

"Sustaining Its YoY Growth Trajectory; Stay BUY”

Keep BUY and MYR5.10 TP, 52% upside and c.2% yield. Guan Chong delivered a robust YoY earnings growth (+3x) in 1H24 and has already surpassed FY23 figures, thanks to higher revenue and margins coupled with favourable hedging positions. We remain upbeat on GUAN’s outlook and earnings potential during the current favourable market, underpinned by historic high ratios and the benefits of a seller’s market. The ongoing expansions at its Ivory Coast plant and the growth of its industrial chocolate in UK would be the key medium-term growth catalysts. 

Analyst:
Lee Meng Horng
[%qNTX%]

$KLSE-GCB 
Research by RHB 
Buy – TP RM 5.10

"Sustaining Its YoY Growth Trajectory; Stay BUY”

Keep BUY and MYR5.10 TP, 52% upside and c.2% yield. Guan Chong delivered a robust YoY earnings growth (+3x) in 1H24 and has already surpassed FY23 figures, thanks to higher revenue and margins coupled with favourable hedging positions. We remain upbeat on GUAN’s outlook and earnings potential during the current favourable market, underpinned by historic high ratios and the benefits of a seller’s market. The ongoing expansions at its Ivory Coast plant and the growth of its industrial chocolate in UK would be the key medium-term growth catalysts. 

Analyst:
Lee Meng Horng
lee.meng.horng@rhbgroup.com