[%xsaI%]
Research by Maybank
Buy - TP RM1.60

"2Q24: Tracking in-line"

CMS’ 1H24 net profit was in-line at 48% of our full-year est., but above consensus at 54%. We tweak FY24/FY25/26E net profit forecasts by +0.1%/-3%/+4% post house-keeping. Rolling forward valuation to FY25E and pegging on an unchanged 10x PER (-0.5SD of LT mean), our revised TP is MYR1.60 (+22sen). The stock remains significantly undervalued, trading at 8x FY25E PER, 0.4x P/B (BVPS of MYR3.16 @ 30 Jun 2024) and 0.4x our RNAV/shr est. (of MYR3.10). We reiterate our tactical BUY call.

Analyst:
Wong Chew Hann
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$KLSE-CMSB
Research by Maybank
Buy - TP RM1.60

"2Q24: Tracking in-line"

CMS’ 1H24 net profit was in-line at 48% of our full-year est., but above consensus at 54%. We tweak FY24/FY25/26E net profit forecasts by +0.1%/-3%/+4% post house-keeping. Rolling forward valuation to FY25E and pegging on an unchanged 10x PER (-0.5SD of LT mean), our revised TP is MYR1.60 (+22sen). The stock remains significantly undervalued, trading at 8x FY25E PER, 0.4x P/B (BVPS of MYR3.16 @ 30 Jun 2024) and 0.4x our RNAV/shr est. (of MYR3.10). We reiterate our tactical BUY call.

Analyst:
Wong Chew Hann
wchewh@maybank-ib.com