[%GddF%] 
Research by RHB
Buy – TP RM 4.50

"Stronger FY25F Ahead; Keep BUY”

Post-analyst briefing, we remain confident in IOI Corp’s ability to record stronger earnings in FY25F, coming from higher FFB output, lower unit costs and stronger downstream earnings. Potential boost could come in the form of news flow on the monetising of its landbank in Johor for renewable energy (RE). Valuation remains attractive – at 19x 2025F P/E – which is at the lower end of its peer range of 18-22x 

Analyst:
Hoe Lee Leng
[%bYeL%]

$KLSE-IOICORP 
Research by RHB
Buy – TP RM 4.50

"Stronger FY25F Ahead; Keep BUY”

Post-analyst briefing, we remain confident in IOI Corp’s ability to record stronger earnings in FY25F, coming from higher FFB output, lower unit costs and stronger downstream earnings. Potential boost could come in the form of news flow on the monetising of its landbank in Johor for renewable energy (RE). Valuation remains attractive – at 19x 2025F P/E – which is at the lower end of its peer range of 18-22x 

Analyst:
Hoe Lee Leng
hoe.lee.leng@rhbgroup.co