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Source: Maybank Investment Bank

Source: Maybank Investment Bank

Source: Maybank Investment Bank

AXIATA’s Q4’24 core net profit of RM143 million (-50% YoY, -37% QoQ) brings FY24 core net profit to RM694 million (+28% YoY), 7% below our forecasts but 1% above consensus respectively. EBITDA was in line with our forecast, with the miss due mainly to higher-than-expected tax expense. Net debt-to-EBITDA remained stable at 2.7x at end-Q4’24 (from 2.6x in end-Q3’24), despite a stronger USD. A 5 sen DPS was declared in the quarter, bringing FY24 DPS to 10 sen, in line with guidance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o .BZCBOL *OWFTUNFOU #BOL 'FC

Q4’24 headline PATMI was strong at RM112 million (+77% YoY, +35% QoQ) despite few one-offs, namely impairment losses on plasma receivables (RM6 million) & biodiesel plant (RM7 million), and net unrealised FX loss (RM6 million). Adjusted, Q4’24 core PATMI of RM130 million (+77% YoY, +98% QoQ) bringing FY24 core PATMI to RM312 million (+23% YoY). FY24’s upstream EBITDA rose 17% YoY to RM818 million as higher CPO ASP (+11% YoY) more than offset lower FFB output (-2% YoY). GENP broadly completed its fertiliser plan for FY24 (FY23: 80 85%). As for downstream, it posted a better EBITDA of RM9 million (+52% YoY). "T GPS QSPQFSUZ ': &#*5%" GFMM :P: UP 3. NJMMJPO PO BDDPVOU PG IJHIFS HBJO PO EJTQPTBM PG JOWFTUNFOU QSPQFSUJFT JO ': 1SPQFSUZ TBMFT HSFX :P: JO ': UP 3. NJMMJPO 5IJT MJGUFE VOCJMMFE TBMFT BT BU %FD UP 3. NJMMJPO :P: QSPWJEJOH HPPE FBSOJOHT WJTJCJMJUZ GPS ': "T GPS UIF QSFNJVN PVUMFUT UIF TIBSF PG +7 QSPGJUT JO ': SPTF :P: UP 3. NJMMJPO B OFX SFDPSE -PPLJOH BIFBE (&/1 T +BLBSUB 1SFNJVN 0VUMFU +,10 JT PO USBDL GPS JUT TPGU PQFOJOH JO .BSDI 8F IBWF DPOTFSWBUJWFMZ JNQVUFE B 3. NJMMJPO QSPGJU DPOUSJCVUJPO GSPN +,10 JO ': 'PS ': (&/1 UBSHFUT :P: ''# HSPXUI .*#( :P: BOE HVJEFT GPS JUT VQTUSFBN VOJU DPTU UP CF MPXFS :P: UP 3. U 8F GJOF UVOFE PVS ': DPSF 1"5.* CZ SFTQFDUJWFMZ QPTU SFTVMUT IPVTFLFFQJOH 8F BMTP JOUSPEVDF PVS ': & DPSF 1"5.* (&/1 IBT EFDMBSFE B GJOBM TQFDJBM %14 PG TFO FY EBUF .BSDI UP CSJOH ': %14 UP TFO ': TFO UP SFXBSE TIBSFIPMEFST #6: XJUI 3. 51 o .BZCBOL *OWFTUNFOU #BOL 'FC

HL BANK’s Q2’25 net profit of RM1.15b (+5.5% YoY, +5.3% QoQ) took 1H’25 core net profit to RM2.24 billion (+5.7% YoY). This was within expectations at 49%/50% of our full-year forecast/consensus. Positively, loan growth was a robust 7.7% YoY, 1H’25 NIM was up YoY, NOII growth was a robust 24.5% and JAWS was positive. Amid strong asset quality, the group continued to see credit writebacks and continues to hold on to management overlays of RM574 million. BOCD now accounts for a lower 28% of group earnings from 31% in FY24. )- #BOL T QFSGPSNBODF JO ) JT USFOEJOH JO MJOF XJUI JUT ': UBSHFUT B MPBO HSPXUI ) .*#( T ': & BTTVNQUJPO C /*. ) .*#( D (*- SBUJP ) .*#( F OFU DSFEJU DPTU CQT ) CQT .*#( CQT G 30& ) .*#( .BOBHFNFOU IBT OFWFSUIFMFTT MPXFSFE JUT DPTU JODPNF SBUJP HVJEBODF UP _ GSPN JO ) *UT ) 30& PG JT USFOEJOH UPXBSET JUT ': UBSHFU PG 5IF HSPVQ EFDMBSFE B IJHIFS JOUFSJN %14 PG TFO JO ) BHBJOTU CQT JO ) .BOBHFNFOU FYQFDUT UP HSBEVBMMZ NPWF VQ JUT EJWJEFOE QBZPVU SBUJP QBSUJDVMBSMZ BT JUT DBQJUBM SBUJPT BSF GVSUIFS TUSFOHUIFOFE XJUI #BTFM *** JNQMFNFOUBUJPO *U UBSHFUT B IJHIFS QBZPVU SBUJP PG JO UIF OFBS GVUVSF FYDMVEJOH #0$% T DPOUSJCVUJPO BHBJOTU JO ': FWFOUVBMMZ NPWJOH VQ UP FYDMVEJOH #0$% T DPOUSJCVUJPO 8F IBWF BTTVNFE B QBZPVU SBUJP PG GPS ': #6: XJUI 3. 51 o .BZCBOL *OWFTUNFOU #BOL 'FC