[%RhOP%] 
Research by RHB
Not Rated - Fair Value of MYR1.28

"Dialling In Record Earnings"

MYR1.28 FV based on 18x CY24F P/E. Our FV also implies 9x CY24F EV/EBITDA. REDtone Digital is set to book record earnings by CY24, buoyed by a surge in tower deliveries and a potential tender win. Its solid telco services, along with potential new revenue from Starlink’s satellite broadband and operations & maintenance (O&M) contracts post tower delivery, should bolster recurring revenue. The Cloud and IoT division should also turn profitable on higher contracts secured. As the stock is trading at 5x CY24F EV/EBITDA, this presents a compelling investment opportunity.

Analyst:
Queenie Tan
[%Hqsu%]

$KLSE-REDTONE 
Research by RHB
Not Rated - Fair Value of MYR1.28

"Dialling In Record Earnings"

MYR1.28 FV based on 18x CY24F P/E. Our FV also implies 9x CY24F EV/EBITDA. REDtone Digital is set to book record earnings by CY24, buoyed by a surge in tower deliveries and a potential tender win. Its solid telco services, along with potential new revenue from Starlink’s satellite broadband and operations & maintenance (O&M) contracts post tower delivery, should bolster recurring revenue. The Cloud and IoT division should also turn profitable on higher contracts secured. As the stock is trading at 5x CY24F EV/EBITDA, this presents a compelling investment opportunity.

Analyst:
Queenie Tan
queenie.tan@rhbgroup.com

$REDTONE / 0032 (REDTONE INTERNATIONAL BERHAD)