$MUHIBAH / 5703 (MUHIBBAH ENGINEERING (M) BHD)
Research by CGS
Add - TP of MYR1.34

“A step closer to a positive outcome for PP”

We see a likely positive outcome for the PP concession, which could include compensation and a new operating agreement for the new airport in Kandal. We believe earnings will pick up in FY24-25F while FY25F P/E is just 10x. Reiterate Add and SOP-derived TP of RM1.34.

Analyst(s):
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com