[%qjcx%] 
Research by RHB
Buy – TP RM 9.84

"On Track for a Strong Year; Reiterate BUY”

Reiterate BUY, new MYR9.84 SOP-based TP from MYR9.35, 15% upside with c.4% FY24F yield.MISC’s1H24 results arewithin our expectations,with core earnings rising 20% YoY. We continue to like MISC for its steady operating cash flow, on top of the anticipation of a bump-up in numbers due to Mero 3 (expected first oil by late 3Q24 or early 4Q24), from 2H24 onwards

Analyst:
Miza Izaimi
[%CkdI%]
Sean Lim, CFA
[%RhMH%]

$KLSE-MISC 
Research by RHB
Buy – TP RM 9.84

"On Track for a Strong Year; Reiterate BUY”

Reiterate BUY, new MYR9.84 SOP-based TP from MYR9.35, 15% upside with c.4% FY24F yield.MISC’s1H24 results arewithin our expectations,with core earnings rising 20% YoY. We continue to like MISC for its steady operating cash flow, on top of the anticipation of a bump-up in numbers due to Mero 3 (expected first oil by late 3Q24 or early 4Q24), from 2H24 onwards

Analyst:
Miza Izaimi
miza.izaimi@rhbgroup.com
Sean Lim, CFA
sean.lim@rhbgroup.com