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Research by RHB
Sell – TP RM2.70

“A Soft Start To FY25F; SELL"

Maintain SELL, new MYR2.70 TP from MYR2.40, 17% downside, c.5% FY25F (Mar) yield. RCE Capital’s 1QFY25 results disappointed as a result of slower-than-expected disbursements, which we expect will pick up later in the year. The group’s longer-term prospects look good, as it is a prime beneficiary of the revision to civil service wages, though near-term challenges remain. Our call is premised on valuation grounds.

Analysts:
Nabil Thoo 
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David Chong CFA 
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$KLSE-RCECAP
Research by RHB
Sell – TP RM2.70

“A Soft Start To FY25F; SELL"

Maintain SELL, new MYR2.70 TP from MYR2.40, 17% downside, c.5% FY25F (Mar) yield. RCE Capital’s 1QFY25 results disappointed as a result of slower-than-expected disbursements, which we expect will pick up later in the year. The group’s longer-term prospects look good, as it is a prime beneficiary of the revision to civil service wages, though near-term challenges remain. Our call is premised on valuation grounds.

Analysts:
Nabil Thoo 
nabil.thoo@rhbgroup.com
David Chong CFA 
david.chongvc@rhbgroup.com