[%qySL%] 
Research by HLIB
Buy – TP of MYR 1.38

“Expect a strong pick up in 2HCY24” 

SMRT reported 3QFY24 core net profit of RM5.8m (-8.1% QoQ, +123% YoY), bringing 9MFY24 earnings to RM19.7m. This results came in above our forecast at 85% of our full-year estimate, primarily due to a stronger-than-expected quarterly site deployment run rate. We expect site deployment from Tenaga and PLN to pick up in 2HCY24, with the quarterly run rate anticipated to be higher than the same period last year. Additionally, the recently secured PAPI contract is poised to further solidify the group’s earnings prospects. Maintain BUY with an unchanged TP of RM1.38 based on 20x P/E on FY25f EPS of 6.9sen.

Analyst(s):
Sam Jun Kit
[%xZZl%]
Tan J Young
[%fdsm%]

$KLSE-SMRT 
Research by HLIB
Buy – TP of MYR 1.38

“Expect a strong pick up in 2HCY24” 

SMRT reported 3QFY24 core net profit of RM5.8m (-8.1% QoQ, +123% YoY), bringing 9MFY24 earnings to RM19.7m. This results came in above our forecast at 85% of our full-year estimate, primarily due to a stronger-than-expected quarterly site deployment run rate. We expect site deployment from Tenaga and PLN to pick up in 2HCY24, with the quarterly run rate anticipated to be higher than the same period last year. Additionally, the recently secured PAPI contract is poised to further solidify the group’s earnings prospects. Maintain BUY with an unchanged TP of RM1.38 based on 20x P/E on FY25f EPS of 6.9sen.

Analyst(s):
Sam Jun Kit
jksam@hlib.hongleong.com.my
Tan J Young
jytan@hlib.hongleong.com.my