[%UQjO%] 
Research by RHB
Sell  – TP RM1.10

" Still Lacking Firepower; Keep SELL”

Ranhill Utilities recorded a 1H24 core profit of MYR16.9m (-27% YoY) – missing expectations – making up 36% and 32% of ours and Street’s estimates. The negative deviation was mainly due to the weakerthan-expected performance of the engineering services and power divisions. With hefty valuations in the absence of any sizeable near-term catalyst, we maintain our call on RAHH, which is trading at FY25F P/E of 40.6x, >2SD above its five-year mean P/E. Dividend yields are unattractive at just c.1%

Analyst:
Adam Bin Mohamed Rahim
[%hxbr%]

$KLSE-RANHILL 
Research by RHB
Sell  – TP RM1.10

" Still Lacking Firepower; Keep SELL”

Ranhill Utilities recorded a 1H24 core profit of MYR16.9m (-27% YoY) – missing expectations – making up 36% and 32% of ours and Street’s estimates. The negative deviation was mainly due to the weakerthan-expected performance of the engineering services and power divisions. With hefty valuations in the absence of any sizeable near-term catalyst, we maintain our call on RAHH, which is trading at FY25F P/E of 40.6x, >2SD above its five-year mean P/E. Dividend yields are unattractive at just c.1%

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

$RANHILL / 5272 (RANHILL UTILITIES BERHAD)