Kuala Lumpur Kepong kick started 1QFY24 with core earnings of RM204m, down 61% YoY after stripping out 1) surplus on disposal of land (RM5.9m), 2) surplus on government acquisition of land (RM11.7m), 3) FX loss (RM56.3m) and 4) gain on derivatives (RM61.9m). The weaker than expected results, which made up only 15% of our and the street fullyear expectations, were dragged by a slump in manufacturing earnings. We cut our FY24-26F earnings forecasts by 8-16% to reflect the weaker margin in the oleochemical and refinery margin. Maintain Neutral with a new TP of RM21.33 after rolling over our valuations to FY25. No dividend was declared for the quarter.
Source: PublicInvest Research - 21 Feb 2024
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KLKCreated by PublicInvest | Nov 08, 2024
Created by PublicInvest | Nov 06, 2024