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Research by Public
Neutral – TP RM6.16

"Led by Stronger Plantation Earnings”

Genting Plantations 1HFY24 core earnings improved by 22.1% YoY to RM127.2m after stripping out i) net surplus arising from government acquisition (RM9.5m), ii) gains on disposal of assets (RM2.8m), iii) net foreign exchange differences (RM3.6m), iv) PPE written off (RM2.5m), v) impairment losses on plasma cooperative receivables (RM12m) and vi) minority interests (-RM6.8m). The stronger results were in line with our full-year expectation but a slight miss for the street, making up 48% and 44%, respectively. Maintain Neutral with a new SOP-based TP of RM6.16 after introducing our new earnings forecast for FY24-26F. A first DPS of 8sen was declared for the quarter.

Analyst:
Chong Hoe Leong
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$KLSE-GENP
Research by Public
Neutral – TP RM6.16

"Led by Stronger Plantation Earnings”

Genting Plantations 1HFY24 core earnings improved by 22.1% YoY to RM127.2m after stripping out i) net surplus arising from government acquisition (RM9.5m), ii) gains on disposal of assets (RM2.8m), iii) net foreign exchange differences (RM3.6m), iv) PPE written off (RM2.5m), v) impairment losses on plasma cooperative receivables (RM12m) and vi) minority interests (-RM6.8m). The stronger results were in line with our full-year expectation but a slight miss for the street, making up 48% and 44%, respectively. Maintain Neutral with a new SOP-based TP of RM6.16 after introducing our new earnings forecast for FY24-26F. A first DPS of 8sen was declared for the quarter.

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$GENP / 2291 (GENTING PLANTATIONS BERHAD)