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Research by Kenanga
Outperform – TP RM2.11

“A Soft Patch, Fundamentals Intact"

MKH’s 1HFY24 results missed our forecast but met market expectations. Its 1HFY24 core net profit rose 30% YoY driven by strong property and plantation profits. We like MKH for its affordable and transit-oriented development (TOD) property offerings and expanding plantation business in Kalimantan. We cut our FY24-25F earnings forecasts by 9% and 8%, respectively, but maintain our TP of RM2.11 and OUTPERFORM call.

Analyst:
Clement Chua 
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$KLSE-MKH
Research by Kenanga
Outperform – TP RM2.11

“A Soft Patch, Fundamentals Intact"

MKH’s 1HFY24 results missed our forecast but met market expectations. Its 1HFY24 core net profit rose 30% YoY driven by strong property and plantation profits. We like MKH for its affordable and transit-oriented development (TOD) property offerings and expanding plantation business in Kalimantan. We cut our FY24-25F earnings forecasts by 9% and 8%, respectively, but maintain our TP of RM2.11 and OUTPERFORM call.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my