[%wRGC%]
Research by RHB
Neutral (Maintained) – TP RM1.12

“Results Missed Expectations"

MaintainNEUTRAL,newMYR1.12TPfromMYR1.06,6%downside.Cahya Mata Sarawak’s 1Q24 core earnings of MYR19.8m were below ours and consensus’ full-year estimates at 18% and 13%. Although its cement wing’s results were disappointing, we maintain FY24F earnings as we expect sales volume to pick up in the coming quarters. As CMS is currently fairly valued and its risk-reward profile appears balanced, we retain our call.

Analyst:
Nai Wan Yan
[%hcIf%]

$KLSE-CMSB
Research by RHB
Neutral (Maintained) – TP RM1.12

“Results Missed Expectations"

MaintainNEUTRAL,newMYR1.12TPfromMYR1.06,6%downside.Cahya Mata Sarawak’s 1Q24 core earnings of MYR19.8m were below ours and consensus’ full-year estimates at 18% and 13%. Although its cement wing’s results were disappointing, we maintain FY24F earnings as we expect sales volume to pick up in the coming quarters. As CMS is currently fairly valued and its risk-reward profile appears balanced, we retain our call.

Analyst:
Nai Wan Yan
nai.wan.yan@rhbgroup.com