$MHB / 5186 (MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD)
Research by MIDF
Maintain Neutral - Unchange TP RM0.51

"FY23 Earnings Impacted by Cost Provision for HE Projects"

• MMHE’s 4QFY23 surged +164%yoy to RM1.12b, but earnings down -78%yoy to RM6m (within expectations)
• Slow dry-docking demand, more cost provision for HE projects pulled earnings down to a deficit for FY23
• Key risks moving forward include high raw material prices, tight competition for dry-docking
• Maintain NEUTRAL with TP of RM0.51

Analyst:
MIDF Research
research@midf.com.my