$DELEUM / 5132 (DELEUM BERHAD)
Research by MIDF
Buy – TP RM1.58

“Robust OGSE Demand Added to Deleum’s Earnings"

• 1QFY24 normalised earnings up +20%yoy, came within expectations
• Revenue climbed +31%yoy from P&M, OS segments, partially offset by lower activities in ICS
• Robust outlook on upstream, premise on higher demand for OGSE
• Maintain BUY with a revised target price of RM1.58

Analyst:
MIDF Research
research@midf.com.my