[%dwtV%] 
Research by Public
Neutral – TP RM4.08

" Positive on the Plantation Outlook”

During an analyst briefing, management expects stronger plantation performance in FY25 on the back of stronger palm oil demand and lower production cost. Downstream manufacturing segment is also expected to see some positive signs of recovery on the higher refinery margin and improved demand for oleochemical products ahead of the EUDR implementation. Maintain Neutral with an unchanged SOP-based TP of RM4.08.

Analyst: 
Chong Hoe Leong
[%KgcX%]

$KLSE-IOICORP 
Research by Public
Neutral – TP RM4.08

" Positive on the Plantation Outlook”

During an analyst briefing, management expects stronger plantation performance in FY25 on the back of stronger palm oil demand and lower production cost. Downstream manufacturing segment is also expected to see some positive signs of recovery on the higher refinery margin and improved demand for oleochemical products ahead of the EUDR implementation. Maintain Neutral with an unchanged SOP-based TP of RM4.08.

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