[%ZLHc%]
Research by Public
Outperform - TP RM5.36

"Robust Growth in 2H"

Excluding i) share of loss in investments (RM23.4m), ii) insurance income (RM24.8m), iii) gain on foreign exchange (RM3.4m) and iv) minority interest (RM19.6m), the Group registered core earnings of RM212.7mm for 1HFY24, accounting for 47% of our and consensus full-year expectations. 1HFY24 average EAF for Don Sahong Hydropower was marginally lower at 84.5%, due to lower water levels in 1QFY24. Key re-rating catalysts include i) more favourable power purchase agreement, which is being finalized and ii) stronger earnings growth from the 40%-owned modern farming business. Maintain Outperform with an unchanged SOP-based TP of RM5.36. A higher DPS of 4.5sen was declared for the quarter (vs 2QFY23: 4sen).

Analyst:
Chong Hoe Leong
[%xRQf%]

$KLSE-MFCB
Research by Public
Outperform - TP RM5.36

"Robust Growth in 2H"

Excluding i) share of loss in investments (RM23.4m), ii) insurance income (RM24.8m), iii) gain on foreign exchange (RM3.4m) and iv) minority interest (RM19.6m), the Group registered core earnings of RM212.7mm for 1HFY24, accounting for 47% of our and consensus full-year expectations. 1HFY24 average EAF for Don Sahong Hydropower was marginally lower at 84.5%, due to lower water levels in 1QFY24. Key re-rating catalysts include i) more favourable power purchase agreement, which is being finalized and ii) stronger earnings growth from the 40%-owned modern farming business. Maintain Outperform with an unchanged SOP-based TP of RM5.36. A higher DPS of 4.5sen was declared for the quarter (vs 2QFY23: 4sen).

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)