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Research by Maybank
Buy – TP RM1.38

“1Q24: Above expectations"

CMS’ 1Q24 net profit beat expectations at 28%/27% of our/consensus’ full-year forecasts on strong delivery by all ops including cement. We raise our FY24E net profit forecast by 8%, unchanged for FY25/FY26E. Pegging on an unchanged 10x FY24E PER (-0.5SD of LT mean), our revised TP is MYR1.38 (+10sen). CMS remains a liquid proxy to higher construction activities in Sarawak. We reiterate our tactical BUY call.

Analyst:
Wong Chew Hann
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$KLSE-CMSB
Research by Maybank
Buy – TP RM1.38

“1Q24: Above expectations"

CMS’ 1Q24 net profit beat expectations at 28%/27% of our/consensus’ full-year forecasts on strong delivery by all ops including cement. We raise our FY24E net profit forecast by 8%, unchanged for FY25/FY26E. Pegging on an unchanged 10x FY24E PER (-0.5SD of LT mean), our revised TP is MYR1.38 (+10sen). CMS remains a liquid proxy to higher construction activities in Sarawak. We reiterate our tactical BUY call.

Analyst:
Wong Chew Hann
wchewh@maybank-ib.com