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Research by RHB
Buy – TP RM1.01

“A Slight Misfortune; Maintain BUY"

Maintain BUY, with new MYR1.01 TP (DCF) from MYR1.03, 10% upside. Supermax 3QFY24 (June) results disappointed as it registered core net profit of MYR0.5m, bringing its 9MFY24 core losses to MYR14m – below ours and consensus’ estimates. However, we maintain our bullish stance on SUCB, underpinned by the sectoral improvement in market dynamics (by 2H24), which should propel it to profitability. Our TP incorporates a 13% ESG discount as its 2.3 ESG score is below our country median of 3.0.

Analyst:
Oong Chun Sung 
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$KLSE-SUPERMX
Research by RHB
Buy – TP RM1.01

“A Slight Misfortune; Maintain BUY"

Maintain BUY, with new MYR1.01 TP (DCF) from MYR1.03, 10% upside. Supermax 3QFY24 (June) results disappointed as it registered core net profit of MYR0.5m, bringing its 9MFY24 core losses to MYR14m – below ours and consensus’ estimates. However, we maintain our bullish stance on SUCB, underpinned by the sectoral improvement in market dynamics (by 2H24), which should propel it to profitability. Our TP incorporates a 13% ESG discount as its 2.3 ESG score is below our country median of 3.0.

Analyst:
Oong Chun Sung 
chun.sung@rhbgroup.com

$SUPERMX / 7106 (SUPERMAX CORPORATION BERHAD)