[%kbnO%]
Research by Maybank
HOLD – TP RM 5.95

"2Q24: Improving QoQ but lagging still”

1H24 core PATMI missed our/consensus estimates mainly on weaker-thanexpected output. We expect 2H earnings to be stronger HoH driven by seasonally higher 2H output and lower costs. Following our EPS revisions, GENP remains a HOLD with a new TP of MYR5.95 (from MYR6.21) on unchanged 19x FY24E PER, its -1SD of 8-yr mean. An interim DPS of 8sen was declared. We prefer SOP MK (BUY, CP: MYR2.80, TP: MYR3.18) 

Analyst:
Ong Chee Ting, CA
[%gUKc%]

$KLSE-GENP
Research by Maybank
HOLD – TP RM 5.95

"2Q24: Improving QoQ but lagging still”

1H24 core PATMI missed our/consensus estimates mainly on weaker-thanexpected output. We expect 2H earnings to be stronger HoH driven by seasonally higher 2H output and lower costs. Following our EPS revisions, GENP remains a HOLD with a new TP of MYR5.95 (from MYR6.21) on unchanged 19x FY24E PER, its -1SD of 8-yr mean. An interim DPS of 8sen was declared. We prefer SOP MK (BUY, CP: MYR2.80, TP: MYR3.18) 

Analyst:
Ong Chee Ting, CA
ct.ong@maybank-ib.com

$GENP / 2291 (GENTING PLANTATIONS BERHAD)