Quick Note - QL Resources (QLG MK) (Buy) - MPM, POCE segments propel 4QFY26 margin growth

研报英文原文证据摘录

Quick Note - QL Resources (QLG MK) (Buy) - MPM, POCE segments propel 4QFY26 margin growth

Global Markets Research

QL Resources QRES.KL QLG MK 28 May 2026

EQUITY: FOOD & BEVERAGE

RatingMPM, POCE segments propel 4QFY26 margin growth Remains Buy

Target price MYR 5.40 RemainsQuick Note

Closing price MYR 3.40 28 May 20264QFY26 earnings rise y-y on higher production volumes and better prices

QL Resources reported 4QFY26 (year-end 31 March) earnings of MYR113mn, up 21% y-

y and down 6% q-q. The y-y rise in earnings was largely attributable to higher revenues in

all the segments led by MPM and margin expansion in the MPM and POCE segments. Research Analysts

Malaysia ConsumerKey numbers

Raghavendra Divekar, CFA - NSM

• Sales revenue recorded a 4% y-y increase, but was flat q-q in 4QFY26. The growth raghavendra.divekar@nomura.com

was driven by all the four segments including MPM (+10% y-y), ILF (up 3% y-y), +603 2027 6893

POCE (up 3% y-y), and CVS (up 2% y-y). Research Associates

○ MPM recorded a 10% y-y increase in revenue, mainly driven by improved Malaysia Consumer performance in the fishing and aquaculture activities along with stable revenues from

Amol Dongre - NSFSPL surimi-based products. This was partially offset by lower sales volumes for fishmeal

and surimi, despite the higher ASPs. Margins improved across all the sub-segments,

except surimi, due to higher production volumes and better selling prices. Margins

for PT Hasil (unlisted) continued to be under pressure due to high input material

costs. The Hutan Melintang Project Innofood has obtained MIDA’s (Malaysian

Investment Development Authority) conditional incentive approval and the company

expects piling work to start from July 2026E. The seafood value-added production