$MHB / 5186 (MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD)
Research by MIDF
BUY – TP RM0.65

"Cost Recovery Pulled 1HFY24 Earnings to A 6-Fold Surge”

• MMHE’s 1HFY24 revenue up +21%yoy, earnings surged 6-fold; which came above expectations
• Higher earnings from recognition of cost recovery, high dry-docking and maintenance activities
• Upstream capex, stable Brent price, and carbon solution projects promising better operations in HE and Marine
• Maintain BUY, unchanged target price RM0.65

Analyst:
MIDF Research
research@midf.com.my