Sime Darby’s 1QFY24 headline net profit more than doubled to RM565.0m mainly owing to Malaysian Vision Valley (MVV) land disposal gain of RM251m. Excluding non-operating items, core net profit was still higher by 45.4% YoY at RM301.0m largely due to strong performance in Australasia Industrial division. The results were within our and consensus’ estimates, accounting for 24.0% and 25.7% of full-year estimates respectively. We keep our estimates unchanged. Near-term outlook for the Group remains mixed as challenging business environment in China for both its Industrial and Motors division persist. In addition, elevated interest rates environment and ongoing geopolitical conflicts and tensions continue to weigh on global economic growth. We maintain our Neutral call on Sime Darby with unchanged sum-ofparts (SOP) based TP of RM2.41.
Source: PublicInvest Research - 28 Nov 2023
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