[%mytY%] 
Research by RHB
Buy - TP RM3.60

"Undervalued Performer; Maintain BUY"

Maintain BUY, with new MYR3.60 TP (from MYR3.25), 28% upside and c.4% FY25F yield. Sarawak Oil Palms’ 1H24 earnings beat our and Street estimates, accounting for 58-62% of full-year forecasts. As production continues to ramp up and unit costs moderate, we expect the company to chart stronger numbers in 2H24. Its valuation remains attractive at 7.5x FY25F P/E, vs the peer range of 6-10x.

Analyst:
Hoe Lee Leng 
[%GVKF%]

$KLSE-SOP 
Research by RHB
Buy - TP RM3.60

"Undervalued Performer; Maintain BUY"

Maintain BUY, with new MYR3.60 TP (from MYR3.25), 28% upside and c.4% FY25F yield. Sarawak Oil Palms’ 1H24 earnings beat our and Street estimates, accounting for 58-62% of full-year forecasts. As production continues to ramp up and unit costs moderate, we expect the company to chart stronger numbers in 2H24. Its valuation remains attractive at 7.5x FY25F P/E, vs the peer range of 6-10x.

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