$HSPLANT / 5138 (HAP SENG PLANTATIONS HOLDINGS BERHAD)
Research by Kenanga
OUTPERFORM – TP RM2.30

"Sterling Results”

HSPLANT’s 1HFY24 core net profit doubled YoY and exceeded expectations, thanks to higher CPO and PK prices even as FFB output dipped. Likewise, 2QFY24 core results were also lifted by sturdy commodity prices and lower costs, which is expected to persist and thus we raised FY24-25 forecasts by 14% and 10%, respectively, and call to OUTPERFORM (from MARKET PERFORM) with a higher TP of RM2.30 (from RM2.00).

Analyst:
Khoo Teng Chuan
khootc@kenanga.com.my