[%yohC%] 
Research by PIB
Outperform – TP of MYR 5.36

“Setting Sights on Food Security Division” 

At its recent result briefing, management voiced that it wants to grow the food security division to become the 4th core business. Going forward, we expect agriculture-based earnings to increase by leaps and bounds with potential earnings contribution of more than 30% to the Group in the next 5 years. Meanwhile, the new concession and power purchase agreements for Don Sahong Hydropower project are expected to be concluded soon while the commencement of the 5th turbine is timely ahead of the upcoming wet season. Maintain Outperform call with an unchanged SOP-based TP of RM5.36.

Analyst(s):
Chong Hoe Leong
[%RmeH%]

$KLSE-MFCB 
Research by PIB
Outperform – TP of MYR 5.36

“Setting Sights on Food Security Division” 

At its recent result briefing, management voiced that it wants to grow the food security division to become the 4th core business. Going forward, we expect agriculture-based earnings to increase by leaps and bounds with potential earnings contribution of more than 30% to the Group in the next 5 years. Meanwhile, the new concession and power purchase agreements for Don Sahong Hydropower project are expected to be concluded soon while the commencement of the 5th turbine is timely ahead of the upcoming wet season. Maintain Outperform call with an unchanged SOP-based TP of RM5.36.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)