[%MjZN%]
Research by RHB
Buy – TP RM0.80

“A Muted Quarter But Key Catalysts Remain Intact; BUY"

StillBUY,withunchangedMYR0.80TP,15%upside.MalaysianResources Corp’s 1Q24 core profit of MYR3m (-65% YoY) missed our and Street’s estimates, making up 6% and 5% of full-year projections. The negative deviation was due to a slower property segment and higher-than-expected tax rate (of 84%). On the bright side, its better net gearing of c.0.20x in 1Q24 (vs c.0.37x in 1Q23) may enable MRC to gear up for the anticipated mega projects – possibly leading to a sizeable orderbook expansion.

Analyst:
Adam Bin Mohamed Rahim
[%fHcK%]

$KLSE-MRCB
Research by RHB
Buy – TP RM0.80

“A Muted Quarter But Key Catalysts Remain Intact; BUY"

StillBUY,withunchangedMYR0.80TP,15%upside.MalaysianResources Corp’s 1Q24 core profit of MYR3m (-65% YoY) missed our and Street’s estimates, making up 6% and 5% of full-year projections. The negative deviation was due to a slower property segment and higher-than-expected tax rate (of 84%). On the bright side, its better net gearing of c.0.20x in 1Q24 (vs c.0.37x in 1Q23) may enable MRC to gear up for the anticipated mega projects – possibly leading to a sizeable orderbook expansion.

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

$MRCB / 1651 (MALAYSIAN RESOURCES CORPORATION BERHAD)