[%XuTD%]
Research by RHB
Neutral – TP RM1.08

“An Unlucky Start To The Year"

Maintain NEUTRAL and DCF-derived MYR1.08 TP (9% downside). Magnum’s 1Q24 earnings fell short of expectations due to an unfavourable luck factor. We think the current valuation (close to the mean) is fair, and the stock lacks re-rating catalysts for earnings and valuation to reach new highs. Nonetheless, number forecast operators (NFOs) should maintain a high degree of defensiveness due to the relatively inelastic demand from punters, and the decent 5% yield.

Analysts:
Tai Yu Jie
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Lee Meng Horng 
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$KLSE-MAGNUM
Research by RHB
Neutral – TP RM1.08

“An Unlucky Start To The Year"

Maintain NEUTRAL and DCF-derived MYR1.08 TP (9% downside). Magnum’s 1Q24 earnings fell short of expectations due to an unfavourable luck factor. We think the current valuation (close to the mean) is fair, and the stock lacks re-rating catalysts for earnings and valuation to reach new highs. Nonetheless, number forecast operators (NFOs) should maintain a high degree of defensiveness due to the relatively inelastic demand from punters, and the decent 5% yield.

Analysts:
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Lee Meng Horng 
lee.meng.horng@rhbgroup.com