[%shFP%] 
Research by Public
Neutral – TP RM4.08

"No Surprises at the Finish Line”

IOI Corp ended FY24 with core profit of RM1.1bn after stripping out i) net foreign currency (FX) translation loss on foreign current denominated borrowings and deposits (RM18.9m), ii) net fair value gain on derivative financial instrument (RM34.3m), iii) FX loss (RM54.7m), iv) fair value loss on other investments (RM9.3m), v) net gain arising from changes in fair value of biological assets (RM8.2m) and MI (RM6.1m). The results were in line with our and the street full-year expectations, accounting for 102% and 98%%, respectively. Maintain Neutral with an unchanged SOP-based TP of RM4.08. A final DPS of 5sen was declared for the quarter, bringing the full-year DPS to 9.5sen (vs FY23: 11sen).

Analyst:
Chong Hoe Leong
[%AkoT%]

$KLSE-IOICORP 
Research by Public
Neutral – TP RM4.08

"No Surprises at the Finish Line”

IOI Corp ended FY24 with core profit of RM1.1bn after stripping out i) net foreign currency (FX) translation loss on foreign current denominated borrowings and deposits (RM18.9m), ii) net fair value gain on derivative financial instrument (RM34.3m), iii) FX loss (RM54.7m), iv) fair value loss on other investments (RM9.3m), v) net gain arising from changes in fair value of biological assets (RM8.2m) and MI (RM6.1m). The results were in line with our and the street full-year expectations, accounting for 102% and 98%%, respectively. Maintain Neutral with an unchanged SOP-based TP of RM4.08. A final DPS of 5sen was declared for the quarter, bringing the full-year DPS to 9.5sen (vs FY23: 11sen).

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