[%Joky%] 
Research by HLIB
BUY – TP RM2.21

"Broadly within”

HSP’s 1H24 core net profit of RM56.7m (+59.8%) came in broadly within our expectation, at 49.2%/52.3% of our/consensus full-year estimate. Core net profit of RM56.7m in 1H24 was arrived after adjusting for (i) RM0.3m PPE written off, and (ii) RM7.8m fair value gain on biological assets. Maintain earnings forecasts, TP of RM2.21 based on unchanged 15x FY25 core EPS of 14.7 sen, and BUY rating. 

Analyst:
Chye Wen Fei
[%JYxs%]

$KLSE-HSPLANT 
Research by HLIB
BUY – TP RM2.21

"Broadly within”

HSP’s 1H24 core net profit of RM56.7m (+59.8%) came in broadly within our expectation, at 49.2%/52.3% of our/consensus full-year estimate. Core net profit of RM56.7m in 1H24 was arrived after adjusting for (i) RM0.3m PPE written off, and (ii) RM7.8m fair value gain on biological assets. Maintain earnings forecasts, TP of RM2.21 based on unchanged 15x FY25 core EPS of 14.7 sen, and BUY rating. 

Analyst:
Chye Wen Fei
wfchye@hlib.hongleong.com.my

$HSPLANT / 5138 (HAP SENG PLANTATIONS HOLDINGS BERHAD)