[%dDbv%] Group
Research by RHB
BUY– TP RM0.82

" Powering Data Centres; Keep BUY”

We remain upbeat on OCK Group’s earnings prospects. The latest contracts in the data centre (DC) space underscore its ability to drive strategic revenues on the back of its end-to-end infrastructure and connectivity offerings. We see latent value for its recurring towerco business with a potential carveout/spin-off in the longer term. The stock trades at undemanding FY25F EV/EBITDA of <5x, supported by a 3-year core earnings CAGR of 19%. Our TP includes a 2% ESG premium.

Analyst:
Jeffrey Tan
[%dBnt%]

$KLSE-OCK Group
Research by RHB
BUY– TP RM0.82

" Powering Data Centres; Keep BUY”

We remain upbeat on OCK Group’s earnings prospects. The latest contracts in the data centre (DC) space underscore its ability to drive strategic revenues on the back of its end-to-end infrastructure and connectivity offerings. We see latent value for its recurring towerco business with a potential carveout/spin-off in the longer term. The stock trades at undemanding FY25F EV/EBITDA of <5x, supported by a 3-year core earnings CAGR of 19%. Our TP includes a 2% ESG premium.

Analyst:
Jeffrey Tan
jeffrey.tan@rhbgroup.com