[%IXPQ%] 
Research by RHB
Buy – TP of MYR 0.69

“Short-Term Pain, Long-Term Opportunities; Keep BUY” 

Keep BUY, new MYR0.69 TP (from MYR0.71), 36% upside. 9MFY24 (Jun) core net loss of MYR17m missed our and Street’s full-year net loss estimates of MYR16m and MYR6m due to higher-than-expected operating costs, which pressured margins of ongoing jobs. Nonetheless, we are optimistic on Econpile’s prospects to secure more projects in the next two years, including mega projects like the Sungai Klang Link elevated highway (SKL) and Mass Rapid Transit (MRT) 3, which may lead to a turnaround in FY25.

Analyst(s):
Cindy Lee
[%cXgm%]
Adam Bin Mohamed Rahim
[%rcdU%]

$KLSE-ECONBHD 
Research by RHB
Buy – TP of MYR 0.69

“Short-Term Pain, Long-Term Opportunities; Keep BUY” 

Keep BUY, new MYR0.69 TP (from MYR0.71), 36% upside. 9MFY24 (Jun) core net loss of MYR17m missed our and Street’s full-year net loss estimates of MYR16m and MYR6m due to higher-than-expected operating costs, which pressured margins of ongoing jobs. Nonetheless, we are optimistic on Econpile’s prospects to secure more projects in the next two years, including mega projects like the Sungai Klang Link elevated highway (SKL) and Mass Rapid Transit (MRT) 3, which may lead to a turnaround in FY25.

Analyst(s):
Cindy Lee
cindy.chin.hui@rhbgroup.com
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

$ECONBHD / 5253 (ECONPILE HOLDINGS BERHAD)