[%lQee%] 
Research by Maybank
Sell - TP RM1.60

"4QFY24: Within; tight FCF in FY25E a worthy concern"

Hibiscus’s 4QFY24 results were within expectations. Our FY25-26E earnings are tweaked by +0%/+4% after: i) post-update of FY24 full-year figures; ii)a cut in USD/MYR LT assumption to 4.40 (from 4.60 previously); iii) a raise in our capex assumptions post-earnings call; and iv) lifting our LT Brent Oil price assumption to USD75/bbl (from USD65-75 previously). This also leads to a lower DCF-TP of MYR1.60 (-71sen). The stock is now a SELL. Based on our estimate, FCF may remain tight in FY25E.

Analyst:
Jeremie Yap
[%CyqM%]

$KLSE-HIBISCS 
Research by Maybank
Sell - TP RM1.60

"4QFY24: Within; tight FCF in FY25E a worthy concern"

Hibiscus’s 4QFY24 results were within expectations. Our FY25-26E earnings are tweaked by +0%/+4% after: i) post-update of FY24 full-year figures; ii)a cut in USD/MYR LT assumption to 4.40 (from 4.60 previously); iii) a raise in our capex assumptions post-earnings call; and iv) lifting our LT Brent Oil price assumption to USD75/bbl (from USD65-75 previously). This also leads to a lower DCF-TP of MYR1.60 (-71sen). The stock is now a SELL. Based on our estimate, FCF may remain tight in FY25E.

Analyst:
Jeremie Yap
jeremie.yap@maybank-ib.com

$HIBISCS / 5199 (HIBISCUS PETROLEUM BERHAD)