[%cNLU%] 
Research by Kenanga
OUTPERFORM – TP RM4.20

"Brighter Days Ahead”

IOICORP’s FY24 results came in 9% shy of expectations. Core net profit declined 24% YoY on weaker CPO prices and downstream profits, cushioned by better FFB production and associate contributions. However, upstream profits should stay firm moving ahead while downstream recovers slightly. Maintain FY25F core net profit but nudge up TP by 10% to RM4.20 as we re-based 2X PBV on FY25 instead of FY24. Upgrade our call from MARKET PERFORM to OUTPERFORM.

Analyst:
Khoo Teng Chuan 
[%KnMW%]

$KLSE-IOICORP 
Research by Kenanga
OUTPERFORM – TP RM4.20

"Brighter Days Ahead”

IOICORP’s FY24 results came in 9% shy of expectations. Core net profit declined 24% YoY on weaker CPO prices and downstream profits, cushioned by better FFB production and associate contributions. However, upstream profits should stay firm moving ahead while downstream recovers slightly. Maintain FY25F core net profit but nudge up TP by 10% to RM4.20 as we re-based 2X PBV on FY25 instead of FY24. Upgrade our call from MARKET PERFORM to OUTPERFORM.

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