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Able Global Berhad (AGB) reported a 125% YoY growth in 4QFY23 net profit to RM18.2m, driven by better performance from the F&B segment. After adjusting for non-core items, AGB’s core net profit stood at RM17.4, bringing the full-year FY23 core net profit to RM50m. Results were above our and consensus estimates, accounting for 111% and 117% respectively. The discrepancy in our numbers were mainly due to the stronger-thanexpected demand for dairy products. In view of this, we raise our forecast by 7-11% for FY24-24F. We continue to remain upbeat on AGB, as we believe that its earnings growth will be supported by the robust demand for dairy products, stronger contribution from its Mexico JV as well as the lower raw material costs. We maintain our Outperform call on AGB, with a higher SOTP-based TP of RM1.90, following our earnings adjustment.
KS Yong, Why would you buy at 1.85? The NTA is only 1.47, it is super risky to offer anything higher. Moreover, there are too many negative news circulating around on 7167.....
KS Yong, pls understand this, we're not naive kids who can afford to lose money in the stock market. As minority investors, we have to protect our interests and won't be fooled by big players like you.
