$DELEUM / 5132 (DELEUM BERHAD)
Research by MIDF
BUY – TP RM1.64

"Strong Upstream Demand Supported 1HFY24 Earnings”

• 1HFY24 normalised earnings up +77%yoy, revenue up +24%yoy on improved P&M, OIS segments; offset by higher opex
• Earnings came above expectations
• Sanguine outlook on upstream, prompts higher demand for OGSE operations; offset by geopolitical and economic uncertainties
• Maintain BUY with a revised target price of RM1.64

Analyst:
MIDF Research
research@midf.com.my