[%litH%]
Research by Maybank
HOLD – TP RM 3.94

"FY24 core earnings within our estimates”

FY24 core PATMI was within our but missed street estimates. We expect IOI to post higher FY25E core PATMI growth (+15% YoY) on better upstream output and improving downstream outlook. Following our EPS revisions, we tweak our TP to MYR3.94 (from MYR3.95) on unchanged 19x FY25E PER, -0.5SD of 5Y mean. We prefer SDG MK (BUY, CP: MYR4.64, TP: MYR5.20)

Analyst:
Ong Chee Ting, CA
[%KDAb%]

$KLSE-IOICORP
Research by Maybank
HOLD – TP RM 3.94

"FY24 core earnings within our estimates”

FY24 core PATMI was within our but missed street estimates. We expect IOI to post higher FY25E core PATMI growth (+15% YoY) on better upstream output and improving downstream outlook. Following our EPS revisions, we tweak our TP to MYR3.94 (from MYR3.95) on unchanged 19x FY25E PER, -0.5SD of 5Y mean. We prefer SDG MK (BUY, CP: MYR4.64, TP: MYR5.20)

Analyst:
Ong Chee Ting, CA
ct.ong@maybank-ib.com