YTLP reported a strong core PATMI of RM850.8m for 2QFY24 (-6.5% QoQ, +1.8x YoY) and RM1.8bn for 1HFY24 (+2.7x YoY), above HLIB FY24 forecast (55.3%) and consensus (61.6%), mainly driven by the sustained strong contribution from SG PowerSeraya, contrary to consensus concerns. We expect another record high FY24 earnings, to be underpinned by continued strong PowerSeraya performance and maiden contribution from Attarat Power. Maintain BUY with a higher TP: RM5.55 (from RM5.15) based on 10% discount to FD SOP: RM6.16.

Technically, the stock is in a triangle consolidation mode with key support at 3.64-3.70 zones. A decisive breakout above 3.93 (20D MA) may spur greater upside towards 4.02-4.23-4.47 levels

✅Current price: RM3.78

✅Entry: RM3.64-3.70-3.78

✅Resistance: RM3.93-4.02-4.23

✅Cut loss: RM3.59

✅FY6/2025E P/E: 8.3x

✅FY6/2025E DY: 3.4%

✅Risk profile: Medium

Source: Hong Leong Investment Bank Research - 23 Feb 2024