[%itvt%]
Research by RHB
Buy – TP RM0.82

“Doubling Down On Digital; Stay BUY"

Keep BUY, with new SOP-based MYR0.82 TP from MYR0.76, 33% upside and c.2% yield. We are upbeat on OCK Group’s digital venture with the new revenue stream expected to drive a new earnings leg-up. This comes on top of the recurring site leasing business which is benefitting from 5G deployments and its leadership in managed network services across Malaysia and Indonesia. We believe there is latent value for its towerco business with a potential monetisation/IPO in the longer term. OCK is trading at inexpensive 4.6x FY25F EV/EBITDA, with a 19% 3-year core earnings CAGR.

Analyst:
Jeffrey Tan 
[%SQBW%]

$KLSE-OCK
Research by RHB
Buy – TP RM0.82

“Doubling Down On Digital; Stay BUY"

Keep BUY, with new SOP-based MYR0.82 TP from MYR0.76, 33% upside and c.2% yield. We are upbeat on OCK Group’s digital venture with the new revenue stream expected to drive a new earnings leg-up. This comes on top of the recurring site leasing business which is benefitting from 5G deployments and its leadership in managed network services across Malaysia and Indonesia. We believe there is latent value for its towerco business with a potential monetisation/IPO in the longer term. OCK is trading at inexpensive 4.6x FY25F EV/EBITDA, with a 19% 3-year core earnings CAGR.

Analyst:
Jeffrey Tan 
jeffrey.tan@rhbgroup.com