[%vQmn%] 
Research by Public
Outperform – TP RM4.88

"Dragged by Losses in Timber Business”

Excluding i) PPE written off (RM0.2m), ii) realized FX gain (RM2.5m) and MI (RM19.4m), the group saw a flattish growth in its 1HFY24 core profit at RM80.5m. However, the results were below our and the consensus full-year expectations, making up only 37% and 41%, respectively. We cut our FY24- 26F earnings forecast by 5%-9% to reflect struggling timber business. Maintain Outperform call with a lower SOP-based TP of RM4.88. No dividend was declared for the quarter.

Analyst:
Chong Hoe Leong
[%rHbJ%]

$KLSE-TAANN 
Research by Public
Outperform – TP RM4.88

"Dragged by Losses in Timber Business”

Excluding i) PPE written off (RM0.2m), ii) realized FX gain (RM2.5m) and MI (RM19.4m), the group saw a flattish growth in its 1HFY24 core profit at RM80.5m. However, the results were below our and the consensus full-year expectations, making up only 37% and 41%, respectively. We cut our FY24- 26F earnings forecast by 5%-9% to reflect struggling timber business. Maintain Outperform call with a lower SOP-based TP of RM4.88. No dividend was declared for the quarter.

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my