[%EHfF%] 
Research by APEX
HOLD– TP RM 1.79

"Stellar performance”

• Hap Seng Plantations recorded CNP of RM32.1m (+136.3% yoy, +32.8% qoq) in 2QFY24, bringing 1HF24 CNP to RM56.3m (+62.9% yoy), which was above ours and consensus’ expectations, accounting for 54% and 51% of forecasts respectively.
• We kept our earnings forecast unchanged in anticipation of softer CPOprices outlook.
• Downgrade to HOLD recommendation with a lower TP of RM1.79 based on 12.9x PE (from 13.4x) on FY25F EPS. Our lower P/E assumption is based on weaker earnings growth going forward due to our weaker CPO price assumptions. 

Analyst:
Steven Chong
[%HYsK%]

$KLSE-HSPLANT 
Research by APEX
HOLD– TP RM 1.79

"Stellar performance”

• Hap Seng Plantations recorded CNP of RM32.1m (+136.3% yoy, +32.8% qoq) in 2QFY24, bringing 1HF24 CNP to RM56.3m (+62.9% yoy), which was above ours and consensus’ expectations, accounting for 54% and 51% of forecasts respectively.
• We kept our earnings forecast unchanged in anticipation of softer CPOprices outlook.
• Downgrade to HOLD recommendation with a lower TP of RM1.79 based on 12.9x PE (from 13.4x) on FY25F EPS. Our lower P/E assumption is based on weaker earnings growth going forward due to our weaker CPO price assumptions. 

Analyst:
Steven Chong
stevenchong@apexsecurities.com.my

$HSPLANT / 5138 (HAP SENG PLANTATIONS HOLDINGS BERHAD)