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Research by RHB
Neutral (Maintained) – TP of MYR1.08

“Still Awaiting Positive Catalysts” 

We met with management recently to discuss the latest outlook for the number forecast operator (NFO) sector. We reiterate our call, premised on a lack of catalysts despite the stock offering an element of defensiveness. This is on Magnum’s yields and relatively inelastic demand from punters – on top of the potential monetisation of its U Mobile stake, which may provide an additional 12% upside to our TP if a MYR10bn valuation can be realised.

Analyst(s):
Tai Yu Jie
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Lee Meng Horng
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$KLSE-MAGNUM
Research by RHB
Neutral (Maintained) – TP of MYR1.08

“Still Awaiting Positive Catalysts” 

We met with management recently to discuss the latest outlook for the number forecast operator (NFO) sector. We reiterate our call, premised on a lack of catalysts despite the stock offering an element of defensiveness. This is on Magnum’s yields and relatively inelastic demand from punters – on top of the potential monetisation of its U Mobile stake, which may provide an additional 12% upside to our TP if a MYR10bn valuation can be realised.

Analyst(s):
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Lee Meng Horng
lee.meng.horng@rhbgroup.com