[%ZeFC%] 
Research by Public
Neutral - TP RM1.62

"Broadly In Line"

BP Plastics Holding Berhad (BPPLAS) reported a sequentially stronger 2QFY24 net profit of RM8.6m (+13.4% QoQ) on sustained demand and lower effective tax rate. Cumulative 1HFY24 net profit of RM16.2m is broadly within our and consensus estimates, accounting for 39.4% and 45.2% of full-year estimates, respectively. We maintain our estimates, with expectations of demand continue to improve driven by rebound in global trade while costs remain under control. A second interim dividend of 1.5 sen per share was declared, bringing YTD dividend to 3.0 sen per share (6MFY23: 3.0 sen per share). We maintain our Neutral rating on BPPLAS with an unchanged TP of RM1.62.

Analyst:
Denny Oh
[%tDZn%]

$KLSE-BPPLAS 
Research by Public
Neutral - TP RM1.62

"Broadly In Line"

BP Plastics Holding Berhad (BPPLAS) reported a sequentially stronger 2QFY24 net profit of RM8.6m (+13.4% QoQ) on sustained demand and lower effective tax rate. Cumulative 1HFY24 net profit of RM16.2m is broadly within our and consensus estimates, accounting for 39.4% and 45.2% of full-year estimates, respectively. We maintain our estimates, with expectations of demand continue to improve driven by rebound in global trade while costs remain under control. A second interim dividend of 1.5 sen per share was declared, bringing YTD dividend to 3.0 sen per share (6MFY23: 3.0 sen per share). We maintain our Neutral rating on BPPLAS with an unchanged TP of RM1.62.

Analyst:
Denny Oh
research@publicinvestbank.com.my