KLK saw its share price drop more than 5% to close at 20.52 after opening the morning session at 21.30, the sell-off came after the group reported a drop in its 4Q24 core profit by 25.8.0%yoy bringing the FY24 to RM860.8m which was down 22.5% yoy.
Some analysts have commented that FY24 results fell short of their consensus estimates, though the company's plantation division showed promising performance.
Despite the decline, most houses have maintained a HOLD recommendation on the stock with Maybank IB noting that KLK's FY24 core profits were impacted by several one-off expenses, including impairments and inventory write-offs, which contributed to a disappointing performance in the manufacturing and property divisions.
