[%LaLU%]
Research by CGS
Hold - TP RM1.57

"Higher revenue offset by elevated costs"

■ 1H24 core net profit fell by 13.5% yoy to RM16.3m, making up 44.6% of our FY24F estimate, as higher revenue was offset by elevated production costs.
■ Underlying demand for packaging products should grow in 2H24F as economic activities improve, in our view.
■ Reiterate Hold with an unchanged TP of RM1.57, based on 11x CY25F P/E (its historical mean).

Analysts:
Shafiq KADIR
[%IQXY%]
Prem Jearajasingam
[%Gnmk%]

$KLSE-BPPLAS
Research by CGS
Hold - TP RM1.57

"Higher revenue offset by elevated costs"

■ 1H24 core net profit fell by 13.5% yoy to RM16.3m, making up 44.6% of our FY24F estimate, as higher revenue was offset by elevated production costs.
■ Underlying demand for packaging products should grow in 2H24F as economic activities improve, in our view.
■ Reiterate Hold with an unchanged TP of RM1.57, based on 11x CY25F P/E (its historical mean).

Analysts:
Shafiq KADIR
shafiq.abkadir@cgsi.com
Prem Jearajasingam
prem.jearajasingam@cgsi.com