[%sGnr%] 
Research by RHB
Neutral – TP of MYR 0.89

“Results Met Expectations; Upgrade To NEUTRAL” 

U/G to NEUTRAL from Sell, higher MYR0.89 TP (DCF) from MYR0.84, 1% downside. 1Q24 results were in line at 27% and 21% of our and Street’s estimates. Topline registered 7% YoY growth, aided by ongoing contract recognitions from Singapore and Taiwan, while core margin contracted 0.5ppts – dragged by the infrastructure solutions (IS) segment. We upgrade our UEM Edgenta call on its sequential bottomline turnaround but remain cautious on cost pressure risks, especially diesel subsidy rationalisation.

Analyst(s):
Oong Chun Sung
[%butE%]

$KLSE-EDGENTA 
Research by RHB
Neutral – TP of MYR 0.89

“Results Met Expectations; Upgrade To NEUTRAL” 

U/G to NEUTRAL from Sell, higher MYR0.89 TP (DCF) from MYR0.84, 1% downside. 1Q24 results were in line at 27% and 21% of our and Street’s estimates. Topline registered 7% YoY growth, aided by ongoing contract recognitions from Singapore and Taiwan, while core margin contracted 0.5ppts – dragged by the infrastructure solutions (IS) segment. We upgrade our UEM Edgenta call on its sequential bottomline turnaround but remain cautious on cost pressure risks, especially diesel subsidy rationalisation.

Analyst(s):
Oong Chun Sung
chun.sung@rhbgroup.com