[%WWdE%] 
Research by MIDF
Neutral (Maintain) – Target Price RM1.70

“Below Expectations”

Maintain NEUTRAL. Adjusting for lower port throughput and margins to align with the 9MFY23 figures, we revised our earnings estimates for FY23E/FY24F/FY25F by -12%/-5%/-5%. Nevertheless, our DCF-derived TP stands higher at RM1.70 (from 1.45) with a lowered WACC assumption of 8% (from 9%). This adjustment is based on a lower equity risk premium, considering the expectation of a more stable container throughput resulting from the recent foreign direct investments. The stock is currently trading at +1.5SD from its 5-year historical mean. A key upside risk is the potential revision of port tariffs, which received initial approval in CY20 and is pending implementation.

Analyst:
MIDF Research Team 
[%mEdk%]

$KLSE-SURIA 
Research by MIDF
Neutral (Maintain) – Target Price RM1.70

“Below Expectations”

Maintain NEUTRAL. Adjusting for lower port throughput and margins to align with the 9MFY23 figures, we revised our earnings estimates for FY23E/FY24F/FY25F by -12%/-5%/-5%. Nevertheless, our DCF-derived TP stands higher at RM1.70 (from 1.45) with a lowered WACC assumption of 8% (from 9%). This adjustment is based on a lower equity risk premium, considering the expectation of a more stable container throughput resulting from the recent foreign direct investments. The stock is currently trading at +1.5SD from its 5-year historical mean. A key upside risk is the potential revision of port tariffs, which received initial approval in CY20 and is pending implementation.

Analyst:
MIDF Research Team 
research@midf.com.my

$SURIA / 6521 (SURIA CAPITAL HOLDINGS BERHAD)