[%tmoz%]
Research by HLIB
HOLD  – TP RM5.78

"Broadly within”

1H24 core net profit of RM115.9m (+27.8%) came in broadly within expectations, at 40-44% of consensus and our full-year estimates. Declared interim DPS of 8 sen (going ex on 12 Sep 2024 and payable on 30 Sep 2024). In view of the low FFB output clocked in YTD, management lowered its FY24 FFB output guidance and this led to slightly higher blended production cost guidance. We lower our FY24-26 core net profit forecasts by -2.2%/-0.9%/-0.1% mainly to account for slightly lower FFB yield assumption. Post earnings revision, we maintain our HOLD rating on GENP with a slightly lower sum-ofparts TP of RM5.78 (from RM5.80 earlier). 

 Analyst:
Chye Wen Fei
[%LAuk%]

$KLSE-GENP
Research by HLIB
HOLD  – TP RM5.78

"Broadly within”

1H24 core net profit of RM115.9m (+27.8%) came in broadly within expectations, at 40-44% of consensus and our full-year estimates. Declared interim DPS of 8 sen (going ex on 12 Sep 2024 and payable on 30 Sep 2024). In view of the low FFB output clocked in YTD, management lowered its FY24 FFB output guidance and this led to slightly higher blended production cost guidance. We lower our FY24-26 core net profit forecasts by -2.2%/-0.9%/-0.1% mainly to account for slightly lower FFB yield assumption. Post earnings revision, we maintain our HOLD rating on GENP with a slightly lower sum-ofparts TP of RM5.78 (from RM5.80 earlier). 

 Analyst:
Chye Wen Fei
wfchye@hlib.hongleong.com.my

$GENP / 2291 (GENTING PLANTATIONS BERHAD)