[%mRIx%] 
Research by RHB
Neutral – TP of MYR 1.64

“Stronger Income From Gas Plants; U/G To NEUTRAL” 

1Q24 results surpassed expectations with core profit reaching MYR40m, driven by resilient JV earnings amidst the suspension of its jack-up gas compression service unit (JUGCSU). Although we are upbeat over Coastal Contracts’ better-than-expected recurring income generated by two gas plants, uncertainties surrounding the new tourism venture and ongoing delays in gas infrastructure projects still call for a more prudent view.

Analyst(s):
Miza Izaimi
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Sean Lim, CFA
[%RQWZ%]

$KLSE-COASTAL 
Research by RHB
Neutral – TP of MYR 1.64

“Stronger Income From Gas Plants; U/G To NEUTRAL” 

1Q24 results surpassed expectations with core profit reaching MYR40m, driven by resilient JV earnings amidst the suspension of its jack-up gas compression service unit (JUGCSU). Although we are upbeat over Coastal Contracts’ better-than-expected recurring income generated by two gas plants, uncertainties surrounding the new tourism venture and ongoing delays in gas infrastructure projects still call for a more prudent view.

Analyst(s):
Miza Izaimi
miza.izaimi@rhbgroup.com
Sean Lim, CFA
sean.lim@rhbgroup.com