$CMSB / 2852 (CAHYA MATA SARAWAK BERHAD)
Research by MIDF
Buy - TP RM1.53

"Stronger Cement Demand to Drive Earnings"

• 2QFY24 core net profit tripled to RM38.0m despite weaker revenue
• Cement revenue declined -4.8%yoy to RM150.0m; PBT doubled to RM43.9m due to improved margins
• Phosphate division’s losses declined due to lower operating costs
• Maintain BUY with an upgraded TP of RM1.53

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my