[%DLnd%] 
Research by RHB
Neutral - TP RM1.30

"Strong Recovery For Plantation, But Not For Sugar"

Keep NEUTRAL, with new MYR1.30 TP from MYR1.15, 5% upside. 1H24 core earnings met our, but fell short of consensus expectations. FGV Holding’s plantation division returned to the black while the sugar division reversed into losses. We expect earnings to pick up, given the upcoming peak FFB output season and lower costs. However, valuation remains unexciting – the stock is trading at a steep 40x FY25F P/E vs peer range of 18-22x.

Analyst:
Hoe Lee Leng 
[%VTkY%]

$KLSE-FGV 
Research by RHB
Neutral - TP RM1.30

"Strong Recovery For Plantation, But Not For Sugar"

Keep NEUTRAL, with new MYR1.30 TP from MYR1.15, 5% upside. 1H24 core earnings met our, but fell short of consensus expectations. FGV Holding’s plantation division returned to the black while the sugar division reversed into losses. We expect earnings to pick up, given the upcoming peak FFB output season and lower costs. However, valuation remains unexciting – the stock is trading at a steep 40x FY25F P/E vs peer range of 18-22x.

Analyst:
Hoe Lee Leng 
hoe.lee.leng@rhbgroup.com