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Research by RHB
Buy – TP RM0.60

“Another Wind Project In The Bag; Keep BUY"

Keep BUY and MYR0.60 TP, 24% upside. We are positive on Malaysia Marine & Heavy Engineering’s latest MYR1.5bn contract win, which brings its orderbook to c.MYR6.9bn. This marks the group’s second windfarm offshore substation (OSS) contract, following the first one secured in Nov 2023. While execution and cost management are crucial for project delivery, we believe MMHE will continue to benefit from the growing windfarm segment.

Analysts:
Miza Izaimi 
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Sean Lim, CFA 
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$KLSE-MHB
Research by RHB
Buy – TP RM0.60

“Another Wind Project In The Bag; Keep BUY"

Keep BUY and MYR0.60 TP, 24% upside. We are positive on Malaysia Marine & Heavy Engineering’s latest MYR1.5bn contract win, which brings its orderbook to c.MYR6.9bn. This marks the group’s second windfarm offshore substation (OSS) contract, following the first one secured in Nov 2023. While execution and cost management are crucial for project delivery, we believe MMHE will continue to benefit from the growing windfarm segment.

Analysts:
Miza Izaimi 
miza.izaimi@rhbgroup.com
Sean Lim, CFA 
sean.lim@rhbgroup.com

$MHB / 5186 (MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD)