[%yGSQ%] 
Research by Kenanga
OUTPERFORM – TP RM13.50

"Motorbike Sales Zoom on New Models”

HLIND’s FY24 results beat our expectation. Its FY24 core net profit rose 18% YoY driven by credit easing by motorcycle financiers since 3QFY24, price hikes, and shift toward more premium products with strong margins. It introduced the all-new Yamaha PG-1 (priced from RM6,998) in August 2024 and looks to build a new Guocera tiles plant in 2026. We raise our FY25F net profit forecasts by 7%, lift our TP by 7% to RM13.50 (from RM12.60), and maintain our OUTPERFORM call. 

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
[%RKKI%]

$KLSE-HLIND 
Research by Kenanga
OUTPERFORM – TP RM13.50

"Motorbike Sales Zoom on New Models”

HLIND’s FY24 results beat our expectation. Its FY24 core net profit rose 18% YoY driven by credit easing by motorcycle financiers since 3QFY24, price hikes, and shift toward more premium products with strong margins. It introduced the all-new Yamaha PG-1 (priced from RM6,998) in August 2024 and looks to build a new Guocera tiles plant in 2026. We raise our FY25F net profit forecasts by 7%, lift our TP by 7% to RM13.50 (from RM12.60), and maintain our OUTPERFORM call. 

Analyst:
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my

$HLIND / 3301 (HONG LEONG INDUSTRIES BERHAD)