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Research by AmInvest
BUY - TP RM 2.55

"Developing Jesselton Waterfront with Exsim"

We maintain BUY on Suria Capital (Suria) with a higher DCFderived fair value (FV) of RM2.55/share (from RM2.27/share previously) by lowering its WACC to 7.5% from 8% given the possibility of a port handling tariff hike this year. This implies a FY24F PE of 15x, below Westports’ 16x currently. There is no FV
adjustment for ESG based on our neutral 3-star rating. 

Suria has entered into 2 joint-venture-cum-shareholders’ agreements (JV Agreements) with Exsim Development’s 75%- owned BEDI Development (BEDI) to undertake the development of 2 parcels of prime land encompassing 35.2 acres within Kota Kinabalu Port. 

Analyst:
AmInvestment Bank
Team Coverage

$KLSE-SURIA 
Research by AmInvest
BUY - TP RM 2.55

"Developing Jesselton Waterfront with Exsim"

We maintain BUY on Suria Capital (Suria) with a higher DCFderived fair value (FV) of RM2.55/share (from RM2.27/share previously) by lowering its WACC to 7.5% from 8% given the possibility of a port handling tariff hike this year. This implies a FY24F PE of 15x, below Westports’ 16x currently. There is no FV
adjustment for ESG based on our neutral 3-star rating. 

Suria has entered into 2 joint-venture-cum-shareholders’ agreements (JV Agreements) with Exsim Development’s 75%- owned BEDI Development (BEDI) to undertake the development of 2 parcels of prime land encompassing 35.2 acres within Kota Kinabalu Port. 

Analyst:
AmInvestment Bank
Team Coverage

$SURIA / 6521 (SURIA CAPITAL HOLDINGS BERHAD)