$RANHILL / 5272 (RANHILL UTILITIES BERHAD)
Research by Maybank
SELL – TP RM0.90

" Sequentially weaker”

Ranhill’s 2Q24 earnings were below our/consensus expectation, as earnings declined sequentially due to an uptick in amortisation and interest expense. Meanwhile, a recurrence of a NRW incentive in FY24 (thus potentially leading to a spike in 4Q24E earnings) has not yet been ruled out. We maintain a SELL rating on an unchanged MYR0.90 TP (SOPbased) given the stock’s rich valuations

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com