[%MezR%]
Research by Public
Neutral – TP RM6.85

"CVS Segment Continues to Shine”

QL’s 1QFY25 core PATAMI grew by 15.8% YoY to RM107.4m, primarily owing to better performances from the Convenience Store Chain (CVS) and Palm Oil and Clean Energy (POCE) segments. 1QFY25 results came in within our expectations and consensus estimates, accounting for 24% and 23% of full-year forecasts, respectively. We have tweaked our earnings by <1% due to bookkeeping changes. We foresee QL’s growth prospects remaining stable going forward, albeit at a slower pace following the high base in FY24 and a normalisation in earnings from the Marine Product Manufacturing (MPM) and Integrated Livestock Farming (ILF). Therefore, we maintain our Neutral call on QL, with an unchanged DCF-derived TP of RM6.85.

Analyst:
Wong Ling Ling
[%zUfM%]

$KLSE-QL
Research by Public
Neutral – TP RM6.85

"CVS Segment Continues to Shine”

QL’s 1QFY25 core PATAMI grew by 15.8% YoY to RM107.4m, primarily owing to better performances from the Convenience Store Chain (CVS) and Palm Oil and Clean Energy (POCE) segments. 1QFY25 results came in within our expectations and consensus estimates, accounting for 24% and 23% of full-year forecasts, respectively. We have tweaked our earnings by <1% due to bookkeeping changes. We foresee QL’s growth prospects remaining stable going forward, albeit at a slower pace following the high base in FY24 and a normalisation in earnings from the Marine Product Manufacturing (MPM) and Integrated Livestock Farming (ILF). Therefore, we maintain our Neutral call on QL, with an unchanged DCF-derived TP of RM6.85.

Analyst:
Wong Ling Ling
wong.lingling@publicinvestbank.com.my