[%RUXq%]
Research by Maybank
BUY  – TP RM7.05

"1QFY25: Steady as she goes”

1QFY25 results were within our expectations. QLG’s sequential earnings are expected to be well supported by resilient demand from MPM and ILF with group margins propped up by the ongoing downtrend of key input costs. Our earnings estimates, BUY call and DCF-TP of MYR7.05 (WACC: 7%, LT growth: 4%) are unchanged.

Analyst:
Jade Tam
[%jEWu%]

$KLSE-QL
Research by Maybank
BUY  – TP RM7.05

"1QFY25: Steady as she goes”

1QFY25 results were within our expectations. QLG’s sequential earnings are expected to be well supported by resilient demand from MPM and ILF with group margins propped up by the ongoing downtrend of key input costs. Our earnings estimates, BUY call and DCF-TP of MYR7.05 (WACC: 7%, LT growth: 4%) are unchanged.

Analyst:
Jade Tam
jade.tam@maybank-ib.com