[%AbAb%]
Research by CGS
HOLD – TP RM 1.20

"Philippine ops to anchor growth”

■ We raise our FY25-26F EPS by 3-21% and GGM-derived TP to RM1.20 to reflect the group’s expansion in the Philippines for Customer X.
■ While this may present new operational hurdles, its decades of track record and vertical integration should ease its deployment in the Philippines.
■ We believe most of the positives are already priced in, with the stock trading at 18.2x FY25F P/E, close to 1.s.d. above its 7-year average.

Analyst:
Shafiq KADIR
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Dharmini THURAISINGAM
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$KLSE-VS
Research by CGS
HOLD – TP RM 1.20

"Philippine ops to anchor growth”

■ We raise our FY25-26F EPS by 3-21% and GGM-derived TP to RM1.20 to reflect the group’s expansion in the Philippines for Customer X.
■ While this may present new operational hurdles, its decades of track record and vertical integration should ease its deployment in the Philippines.
■ We believe most of the positives are already priced in, with the stock trading at 18.2x FY25F P/E, close to 1.s.d. above its 7-year average.

Analyst:
Shafiq KADIR
shafiq.abkadir@cgsi.com
Dharmini THURAISINGAM
dharmini@cgsi.com