[%SnIT%] 
Research by Maybank
Hold – TP of MYR 3.00

“Keep calm and wait for Budget 2025” 

Earnings and dividends came in at the lower range of our expectations. As we flagged earlier, RCE’s operating environment has turned a tad more challenging. Having said that, we expect it to improve markedly come 1 Dec 2024 when the ≥13% hike in civil servants’ salaries take effect. Until more details are announced during Budget 2025, we trim our earnings and dividends estimates by 3-4% on minor housekeeping. We trim our TP to MYR3.00 from MYR3.02 on an unchanged 2.5x end-CY25E BVPS.

Analyst(s):
Yin Shao Yang
[%KcHh%]

$KLSE-RCECAP 
Research by Maybank
Hold – TP of MYR 3.00

“Keep calm and wait for Budget 2025” 

Earnings and dividends came in at the lower range of our expectations. As we flagged earlier, RCE’s operating environment has turned a tad more challenging. Having said that, we expect it to improve markedly come 1 Dec 2024 when the ≥13% hike in civil servants’ salaries take effect. Until more details are announced during Budget 2025, we trim our earnings and dividends estimates by 3-4% on minor housekeeping. We trim our TP to MYR3.00 from MYR3.02 on an unchanged 2.5x end-CY25E BVPS.

Analyst(s):
Yin Shao Yang
samuel.y@maybank-ib.com