$UMCCA / 2593 (UNITED MALACCA BERHAD)
Research by TA
Hold – TP RM5.43

“Indonesia Operation Shines"

The target price for UMCCA is adjusted higher to RM5.43 (previously RM5.38), based on CY25 PER of 16x. Maintain HOLD.

Analyst:
Angeline Chin
angelinechin@ta.com.my