$MUHIBAH / 5703 (MUHIBBAH ENGINEERING (M) BHD)
Research by CGS
Add – TP RM1.34

“Phnom Penh showing signs of strength"

■ 1Q24 results met expectations, with associate profits from its Cambodia airport concession up 32% yoy despite the sale of Siem Reap in Oct 23.
■ Favelle Favco is winning more crane jobs and beefing up recurring income.
■ Reiterate Add with unchanged SOP-derived TP of RM1.34.

Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com