[%REDB%]
Research by Public
Neutral – TP RM1.70

“Within Expectation"

DRB-Hicom (DRB) reported sequentially stronger 1QFY24 core net profit of RM91.5m (+55.7% QoQ) attributed to improved performance across the Group’s businesses, though weaker YoY (-15.2%) due to higher taxation charges. Results were within both our and consensus estimates, at 28.5% and 27.1% of full-year forecasts respectively. We keep or forecasts unchanged and retained our Neutral call on DRB with an unchanged sum-of-parts (SOP) based TP of RM1.70.

Analyst:
Denny Oh
[%bxiV%]

$KLSE-DRBHCOM
Research by Public
Neutral – TP RM1.70

“Within Expectation"

DRB-Hicom (DRB) reported sequentially stronger 1QFY24 core net profit of RM91.5m (+55.7% QoQ) attributed to improved performance across the Group’s businesses, though weaker YoY (-15.2%) due to higher taxation charges. Results were within both our and consensus estimates, at 28.5% and 27.1% of full-year forecasts respectively. We keep or forecasts unchanged and retained our Neutral call on DRB with an unchanged sum-of-parts (SOP) based TP of RM1.70.

Analyst:
Denny Oh
research@publicinvestbank.com.my