[%xfPy%] 
Research by Kenanga
Outperform - TP RM7.73

"Boosted by Better Yields and Lower Tax"

IHH’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose 30% YoY driven by revenue intensity, better yields and a lower tax. We expect its earnings momentum to accelerate, underpinned by revenue intensity and rising demand in 2HFY24. We maintain our forecasts and roll forward our valuation base from FY24F to FY25F. Consequently, our SoP-TP is raised from RM7.00 to RM7.73. Reiterate OUTPERFORM call.

Analyst:
Raymond Choo Ping Khoon 
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$KLSE-IHH 
Research by Kenanga
Outperform - TP RM7.73

"Boosted by Better Yields and Lower Tax"

IHH’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose 30% YoY driven by revenue intensity, better yields and a lower tax. We expect its earnings momentum to accelerate, underpinned by revenue intensity and rising demand in 2HFY24. We maintain our forecasts and roll forward our valuation base from FY24F to FY25F. Consequently, our SoP-TP is raised from RM7.00 to RM7.73. Reiterate OUTPERFORM call.

Analyst:
Raymond Choo Ping Khoon 
pkchoo@kenanga.com.my