$MRCB / 1651 (MALAYSIAN RESOURCES CORPORATION BERHAD)
Research by MIDF
Neutral – TP RM0.67

“Slow Start to FY24"

• Revenue slipped -35.8%yoy to RM476.2m; core earnings dipped - 64.6%yoy to RM3.0m, below expectations
• Construction and engineering revenue came in lower but operating profit rose 2.5x to RM17.8m, better margins from LRT3
• Strong outstanding order book of RM15.3b; management actively tendering jobs with a tender book of RM33b
• Maintain NEUTRAL with a revised TP of RM0.67

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my