[%KDnq%] 
Research by CGSI
HOLD – TP RM3.88

"Acquires SGX-listed NSL for IBS expertise"

■ Acquires 81% in SGX-listed NSL for 1x BV and 11x P/E ex-cash for FY23.
■ Rationale is to gain IBS expertise, which is synergistic with its cement and
data centre business, while opening up new markets in Finland and the UAE.
■ Reiterate Hold and TP of RM3.88 (5% discount to SOP).

Analyst:
CHONG Tjen-San, CFA
(60) 3 2635 9298
[%eEyU%]

$KLSE-YTL 
Research by CGSI
HOLD – TP RM3.88

"Acquires SGX-listed NSL for IBS expertise"

■ Acquires 81% in SGX-listed NSL for 1x BV and 11x P/E ex-cash for FY23.
■ Rationale is to gain IBS expertise, which is synergistic with its cement and
data centre business, while opening up new markets in Finland and the UAE.
■ Reiterate Hold and TP of RM3.88 (5% discount to SOP).

Analyst:
CHONG Tjen-San, CFA
(60) 3 2635 9298
tjen-san.chong@cgsi.com