[%DwNr%]
Research by RHB
Buy - TP RM1.57

"Leveraging On Sarawak’s Growth; U/G To BUY"

U/G to BUY from Neutral, new MYR1.57 TP from MYR1.12, 21% upside. 2Q24’s result exceeded both our and Street’s full-year estimates. We are sanguine on the medium- to long-term prospects of the cement industry, as Cahya Mata Sarawak stands to benefit directly from the anticipated construction increase given its prominent role as Sarawak’s leading cement provider. We believe our new TP (implying 10x FY25F P/E or 1SD above the historical mean) is justified. This report marks coverage transfer to Cindy Lee.

Analyst:
Cindy Lee
[%NtTG%]

$KLSE-CMSB
Research by RHB
Buy - TP RM1.57

"Leveraging On Sarawak’s Growth; U/G To BUY"

U/G to BUY from Neutral, new MYR1.57 TP from MYR1.12, 21% upside. 2Q24’s result exceeded both our and Street’s full-year estimates. We are sanguine on the medium- to long-term prospects of the cement industry, as Cahya Mata Sarawak stands to benefit directly from the anticipated construction increase given its prominent role as Sarawak’s leading cement provider. We believe our new TP (implying 10x FY25F P/E or 1SD above the historical mean) is justified. This report marks coverage transfer to Cindy Lee.

Analyst:
Cindy Lee
cindy.chin.hui@rhbgroup.com