[%aAXc%]
Research by HLIB
Buy - TP RM2.28

"Ending with a bang"

SMRT reported FY24 core net profit of RM26.1m, which came in above our projection at 113%. The outperformance was mainly driven by stronger-than-expected site deployments throughout the year. Looking ahead, we expect sequential growth in 1HFY25 as utility companies typically ramp up capex spending during this period. Additionally, SMRT remains optimistic about reaching 1k PAPI sites in the Philippines by 2QFY25, which will further strengthen its recurring income base. Maintain BUY with unchanged TP of RM2.28 based on 30x P/E on FY26f EPS of 7.6sen.

Analysts:
Sam Jun Kit
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Tan J Young
[%tXnw%]

$KLSE-SMRT
Research by HLIB
Buy - TP RM2.28

"Ending with a bang"

SMRT reported FY24 core net profit of RM26.1m, which came in above our projection at 113%. The outperformance was mainly driven by stronger-than-expected site deployments throughout the year. Looking ahead, we expect sequential growth in 1HFY25 as utility companies typically ramp up capex spending during this period. Additionally, SMRT remains optimistic about reaching 1k PAPI sites in the Philippines by 2QFY25, which will further strengthen its recurring income base. Maintain BUY with unchanged TP of RM2.28 based on 30x P/E on FY26f EPS of 7.6sen.

Analysts:
Sam Jun Kit
jksam@hlib.hongleong.com.my
Tan J Young
jytan@hlib.hongleong.com.my