[%fVgK%] 
Research by HLIB
Buy - TP RM2.95

"Strong showing from North Sabah"

Hibiscus recorded 4QFY24 core net profit of RM167.7m, bringing FY24 core earnings to RM555.9m (+34% YoY). The results beat our (110%) and consensus (108%) expectations. Core net profit rose 41% QoQ mainly aided by better PAT contribution from North Sabah as its offtake volume doubled. The group’s total offtake volume for 4QFY24 was 2.1m boe. Hibiscus guided for its tentative offtake volume schedule for the next 2 quarters to be 1.7m and 2.5m boe for 1QFY25 and 2QFY25. Despite the results beat, we maintain our FY25/26f forecasts to be conservative. We roll over the valuation base year to FY25f and increase our capex assumption. Maintain BUY call on Hibiscus with lower TP of RM2.95 – based on SOTP of all its producing assets’ NPV.

Analyst:
Brian Chin
[%rTBq%]

$KLSE-HIBISCS 
Research by HLIB
Buy - TP RM2.95

"Strong showing from North Sabah"

Hibiscus recorded 4QFY24 core net profit of RM167.7m, bringing FY24 core earnings to RM555.9m (+34% YoY). The results beat our (110%) and consensus (108%) expectations. Core net profit rose 41% QoQ mainly aided by better PAT contribution from North Sabah as its offtake volume doubled. The group’s total offtake volume for 4QFY24 was 2.1m boe. Hibiscus guided for its tentative offtake volume schedule for the next 2 quarters to be 1.7m and 2.5m boe for 1QFY25 and 2QFY25. Despite the results beat, we maintain our FY25/26f forecasts to be conservative. We roll over the valuation base year to FY25f and increase our capex assumption. Maintain BUY call on Hibiscus with lower TP of RM2.95 – based on SOTP of all its producing assets’ NPV.

Analyst:
Brian Chin
brianchy@hlib.hongleong.com.my

$HIBISCS / 5199 (HIBISCUS PETROLEUM BERHAD)