$YTL / 4677 (YTL CORPORATION BERHAD) / 4677 (YTL CORPORATION BERHAD)
Research by MIDF
BUY – TP RM4.19

"Acquiring SGX-Listed NSL Ltd"

■ YTL Cement to acquire 81.24% of NSL Ltd for SGD227.6M (RM792.3M)
■ Acquisition price of SGD0.75 (RM2.61) per share, a +5.6% premium to NSL’s NTA per share of SGD0.71
■ NSL's IBS capabilities synergises well with YTL Cement, apart from opening doors to new markets
■ Maintain BUY with an unchanged TP of RM4.19

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my