IOI CORPORATION BUY. Sharp jump in manufacturing profit QoQ. Company report. (Maintained) Rationale for report: Company Result PLANTATION

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1 PLNTTION IOI CORPORTION (IOI K, IOIB.KL) 24 rry 22 Comy rort Hy Li G, C -hy-li@mkro.om hr jm i mftri rofit QoQ Rtiol for rort: Comy Rslt BUY (itid) Pri ir Vl 52-wk Hih/Low Ky Chs ir vl EP R5.33 R5.5 R5.7/R3.75 Uhd YE to Y Y2 Y3 Y4 Rv (Rmil) 6,54.3 6,75.4 7,37.8 8,38.6 Nt Profit (Rmil) 2,222. 2, ,46. 2,658.8 EP (s) EP rowth (%) Cosss t (Rmil) 2,4.4 2,3.3 2,37.3 P (s) PE (x) EV/EBIT (x) iv Yild (%) ROE (%) Nt Gri (%) tok d iil t hrs Otstdi (millio) 6,422. rkt C (Rmil) 34,22.8 Book vl (R/shr).87 P/BV (x) 2. ROE (%).5 Nt Gri (%) 2.2 jor hrholdrs T ri L hi Ch (42.%) EP (2.5%) r lot (%) 58. v ily Vl (Rmil) 22.2 Pri rform 3mth 6mth 2mth solt (%) Rltiv (%) ,674 Ivstmt Hihlihts iti BUY o IOI Corortio, with hihr RNVsd fir vl of R5.5/shr (vs. R5.75/shr rviosly). W hv ssmd PE of 8x o IOI s CY2 lttio ris i or RNV lltio. Prviosly, or PE ssmtio ws 7x. I th st sv yrs, IOI s PE d (sd o historil EP) rd from low of 8x to hih of 33x. vr PE ws 2x i th st sv yrs. IOI s HY2 or t rofit ws withi or xttio d osss stimts. riht sot ws th 275% jm i th EBIT of th mftri divisio from R33mil i QY2 to R24.2mil i 2QY2. O YoY sis, th mftri divisio rordd 6% imrovmt i EBIT to R57.4mil i HY2, drid y irs i sls volm. IOI s lttio divisio ws th rofit drivr of th ro, oti for 8% of HY2 r-tx rofit. Plttio trovr (ildi itr-smt sls) xdd 27.7% YoY to R.4il i HY2 o th k of rovry i lm oil rodtio d CPO ris. IOI rlisd vr CPO ri of R3,4/to i HY2, 4.7% hihr th th vr ri of R2,68/to hivd i HY. IOI s B rodtio imrovd.4% from.7mil tos i HY to.mil tos i HY2. W liv tht th ro wold filly rord irs i B rodtio i Y2 ftr hlki dlis of 3% to 8% from Y to Y. 8. ) 6. (R,58,362 I d x P o i ts W stimt IOI s lttio rodtio ost t R66/to i HY2 vrss R83/to i HY. Goi forwrd, w xt rodtio ost to irs i 2HY2 d to hihr litio of frtilisr ,26,4 2 EBIT of th rorty dvlomt divisio shrk % YoY to R24.mil i HY2 d to wk dmd d lowr mr of rorty lhs. IOI s shr of rofits i th rorty rojts i ior rmid flt t R6.3mil YoY i HY2. IOI B KLCI PP 2247/6/22 (36)

2 IOI Corortio 24 rry 22 CHRT : PB BN CHRT CHRT 2 : PE BN CHRT ) (x +s 23.4 (x ) +s v 3.8 v s.8 s. 6. CHRT 3: YOY CHNGE IN ONTHLY CPO OUTPUT or: Brs omt, mrsrh mrsrh d Bhd 2

3 IOI Corortio 24 rry 22 TBLE : REULT URY (RIL) YE 3 HY HY2 % YoY Q2 2Q2 % QoQ Trovr 7,48.7 8, ,47.6 4,65..4 EBIT,466.4,322.7 (.8) Itrst Iom (.3) Itrst Exs (65.5) (6.4) 47.2 (47.4) (4.) 3.6 ritio (.7) (28.) 7. (63.) (64.2).5 ssoits oitly otrolld titis (2.6) Extiols Pr-tx rofit,35.,. (.) Txtio (284.8) (326.) 4.5 (5.3) (74.8) 5.5 ioritis (48.) (2.) (3.4) (4.7) (4.4) (2.2) Nt Profit (7.) Nt rofit x-v hs (24.5) Nt V (loss)/i o drivtiv fi istrmts 2. (2.) (3.). Nt V (loss)/i o fi ssts Nt V (loss)/i i fi liilitis (77.6) Totl (4.2) mt of rlisd forx is/(losss) 3. (24.5) (27.7) 3.2 Cor t rofit EP (s) (.8) Gross P (s) NT/hr (R) EBIT mri (%) Prtx mri (%) Efftiv tx rt (%) Brkdow of r-tx rofit HY HY2 % YoY Q2 2Q2 % QoQ Plttio (.) Prorty dvlomt (.2) Prorty ivstmt (.7) ftri No-smt itms 5. (.7) (7.8) (248.6) 57. (23.3) Nt it xs (44.5) (72.5) 62. (34.) (38.4) 2.4 ssoits oitly otrolld titis (2.7) ,35., or: Comy, mrsrh mrsrh d Bhd 3

4 IOI Corortio 24 rry 22 TBLE 2 : INNCIL T Iom ttmt (Rmil, YE 3 ) Rv 2,543. 6,54.3 6,75.4 7,37.8 8,38.6 EBIT 2,46.4 2,66. 3,8.4 3, ,53.2 ritio (23.8) (243.5) (245.6) (285.6) (325.6) Orti iom (EBIT) 2,84.6 2, , ,2.5 3,23.6 Othr iom & ssoits Nt itrst (74.) (22.8) (.) (85.) (7.8) Extiol itms Prtx rofit 2,55.6 2, ,82.4 3,72.5 3,438.6 Txtio (485.5) (573.) (67.4) (666.2) (722.) ioritis/rf dividds (2.5) (67.6) (42.) (46.3) (57.7) Nt rofit 2,35.7 2,222. 2, ,46. 2,658.8 Cor t rofit,583. 2,2.8 2, ,46. 2,658.8 Bl ht (Rmil, YE 3 ) ixd ssts 4,64.3 5, ,3.8 6,46.2 6,32.6 Itil ssts Othr lo-trm ssts 5,38.3 5,72. 6,.3 6,57. 6,6.5 Totl o-rrt ssts,83.3,52. 2,584. 3,225. 3,878.7 Csh & qivlt 3,88.7 2,85., ,52.4 3,53. tok, ,65.7 4,85.7 3,3.6 4,5. Trd dtors,.5,475.,86.3,65.8,37.7 Othr rrt ssts Totl rrt ssts 7,6. 7,73. 8,254. 8,872.7,587.7 Trd rditors hort-trm orrowis Othr rrt liilitis Totl rrt liilitis, ,288. 2, ,46. 2,565. Lo-trm orrowis 4, ,66.4 4,56.4 4,54.8 4,46.6 Othr lo-trm liilitis Totl lo-trm liilitis 4,84.3 5,5.7 5,7.7 5,4. 4,8. hrholdrs' fds,78.2,.2 3,87. 4,263. 5,5. iority itrsts BV/shr (R) Csh low (Rmil, YE 3 ) Prtx rofit 2,55.6 2, ,82.4 3,72.5 3,438.6 ritio Nt h i worki itl (365.6) (,675.6) (2,5.6) (482.) 22. Othrs (48.3) (52.8) Csh flow from ortios 2, ,. 3,73.5 Citl xditr (43.2) (35.) (,.) (8.) (8.) Nt ivstmts & sl of fixd ssts Othrs (56.) (,34.4) (48.) (6.7) (74.6) Csh flow from ivsti (483.6) (,282.8) (,48.) (6.7) (74.6) t risd/(rid) (488.4) 63. (3.2) (2.5) (28.7) Eqity risd/(rid), ividds id (58.4) (,245.) (,54.) (,283.2) (,4.5) Othrs (2.3) (65.)... Csh flow from fii (76.6) (73.8) (,85.) (,32.7) (,44.2) Nt sh flow,448.4 (,2.) (,358.7) 725.6,378.7 Nt sh/(dt) /f 2,45.4 3,87.8 2,785.6, ,52.4 orx (3.4) Nt sh/(dt) /f 3, ,785.6, ,52.4 3,53. Ky Rtios (YE 3 ) Rv rowth (%) EBIT rowth (%) Prtx mris (%) Nt rofit mris (%) Itrst ovr (x) Efftiv tx rt (%) Nt dividd yot (%) Trd dtors trovr (dys) tok trovr (dys) or: Comy, mrsrh stimts mrsrh d Bhd 4

5 IOI Corortio 24 rry 22 CHRT 4 : GE PROILE O IOI OIL PL TREE or: l Rort 2 Plishd y mrsrh d Bhd (3355-P) ( mmr of th mivstmt Bk Gro) 5 t h l oor B mb k Gro 55 l Rj Chl 52 Kl Lmr Tl: ( 3 ) ( r s r h) x: ( 3 ) Pritd y mrsrh d Bhd (3355-P) ( mmr of th mivstmt Bk Gro) 5 t h l oor B mb k Gro 55 l Rj Chl 52 Kl Lmr Tl: ( 3 ) ( r s r h) x: ( 3 ) Th iformtio d oiios i this rort wr rrd y mrsrh d Bhd. Th ivstmts disssd or rommdd i this rort my ot sitl for ll ivstors. This rort hs rrd for iformtio ross oly d is ot offr to sll or soliittio to y y sritis. Th dirtors d mloys of mrsrh d Bhd my from tim to tim hv ositio i or with th sritis mtiod hri. mrs of th mivstmt Gro d thir ffilits my rovid srvis to y omy d ffilits of sh omis whos sritis r mtiod hri. Th iformtio hri ws otid or drivd from sors tht w liv r rlil, t whil ll rsol r hs tk to sr tht sttd fts r rt d oiios fir d rsol, w do ot rrst tht it is rt or omlt d it shold ot rlid o s sh. No liility td for y loss tht my ris from th s of this rort. ll oiios d stimts ildd i this rort ostitt or jdmt s of this dt d r sjt to h withot oti. or mrsrh d Bhd By Chw i irtor mrsrh d Bhd 5

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