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Research by TA Securities
Buy - Target Price RM1.16

“Another Busy Year Ahead”

MIbraco reported a normalised net profit of RM42.1mn in FY23, after adjusting for the impairment on receivables amounting to RM1.7mn and a fair value gain from investment properties of RM5.6mn. FY23 results came in below expectations, accounting for 87% of our full-year earnings projections, owing primarily to weaker-than-expected performance at the construction division.

Analyst:
Thiam Chiann Wen 
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$KLSE-IBRACO
Research by TA Securities
Buy - Target Price RM1.16

“Another Busy Year Ahead”

MIbraco reported a normalised net profit of RM42.1mn in FY23, after adjusting for the impairment on receivables amounting to RM1.7mn and a fair value gain from investment properties of RM5.6mn. FY23 results came in below expectations, accounting for 87% of our full-year earnings projections, owing primarily to weaker-than-expected performance at the construction division.

Analyst:
Thiam Chiann Wen 
cwthiam@ta.com.my