SIME DARBY PLANTATION BERHAD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

MONTHLY PRODUCTION FIGURES (MINING / PLANTATION / TIMBER)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

PLANTATION
$SWKPLNT / 5135 (SARAWAK PLANTATION BERHAD) $SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD) $TAANN / 5012 (TA ANN HOLDINGS BERHAD) $CHINTEK / 1929 (CHIN TECK PLANTATIONS BERHAD)
Research by PB
Neutral

“Inventories Climb to 3-Month High”

Palm oil inventories in Malaysia continued on its uptrend in May with a marginal gain of 0.5% to 1.75m mt, the highest level in 3 months. YTD, CPO prices have averaged RM4,034/mt, compared to our full-year average target of RM3,800/mt. In view of higher production in subsequent months, we expect inventory to continue trending upwards, which may consequently exert downward pressure on CPO prices. Maintain Neutral on the sector.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

KUALA LUMPUR: SD Guthrie Bhd, formerly known as Sime Darby Plantation Bhd, said the rationalisation of diesel subsidies will not have any material impact on its cost as it has always purchased the fuel at market price.

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)
Research by PIB
Neutral – TP of MYR 4.46

“A Strong Start”

After stripping out all the non-core items, SD Guthrie (previously known as Sime Darby Plantation) kick started 1QFY24 with core earnings of RM211m, up 205% YoY. The results accounted for 13.7% and14.5% of our and the consensus fullyear expectations. Nevertheless, we deem the results in line as 1H FFB production is generally lower due to shorter working period and lower FFB yield. During briefing, management guided that it plans to create recurring income by venturing into various non-plantation businesses, namely, renewable energy, industrial park development and others.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)
Research by Kenanga
Market Perform – TP of MYR 4.00

“A Slow Start for FY24”

SIMEPLT’s 1QFY24 results disappointed. Nonetheless, its 1QFY24 core net profit more than tripled YoY thanks to higher FFB harvest and lower cost. It is venturing into property and renewable energy but their contributions will not be immediate. We cut our FY24F net profit forecast by 3% but maintain our TP of RM4.00 and MARKET PERFORM call.

Analyst(s):
Teh Kian Yeong
tehky@kenanga.com.my

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)
Research by TA
Buy – TP of MYR 4.78

“Clearer Skies Ahead ”

SD Guthrie Berhad (SDG)’s 1QFY24 results came in below expectations. Excluding all exceptional items, the core net profit surged over 100% YoY to RM229mn, in tandem with a 6.7% increase in revenue. However, the core net profit represented only 15% and 16% of our and consensus' fullyear estimates, respectively, due to lower-than-expected margins.

Analyst(s):
Angeline Chin
angelinechin@ta.com.my

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)
Research by HLIB
Hold – TP of MYR 4.09

“A slow start”

1Q24 core net profit of RM220m (+4% QoQ; 2.1x YoY) missed expectations, accounting for only 14.1-15.1% of our and consensus full-year estimates. Key variances against our estimate came largely from weaker-than-expected performance at PNG’s operations and JV performance. We lower our FY24-25 core net profit forecasts by -9.1% and -3.7%, mainly to account for lower FFB output assumption at PNG operations, and lower JV earnings. Post earnings revision, we maintain our HOLD rating on SDPL with a lower TP of RM4.09 based on 20x revised FY24 core EPS of 20.4 sen.

Analyst(s):
Chye Wen Fei
wfchye@hlib.hongleong.com.my

$SIMEPLT / 5285 (SIME DARBY PLANTATION BERHAD)
Research by Maybank
Buy – TP of MYR 4.25

“Targeting 1.0GW in solar power for medium term growth”

Land is SDPL’s greatest capital and it intends to maximise the value of its land, and slow down outright land sales. As a start, SDPL’s target is to grow its solar capacity to 1GMW in 5 years is a game changer. By our estimate, 1GW solar can potentially bring in recurring income of MYR134m-266m p.a. (or +8%-17% of our FY26E EPS forecast). We are positive on this new model. 1Q24 results came in within our expectation but below street forecasts. We maintain our EPS forecasts, BUY & RNAVTP of MYR4.96 on 0.55x RNAV.

Analyst(s):
Ong Chee Ting, CA
ct.ong@maybank-ib.com