[%CuSy%]
Research by CGS
Hold - TP RM3.70

"A record quarter"

■ GMB’s earnings hit a new record in 2Q24, with normalised net profit coming in at RM110m, helped mainly by notably lower overheads during the quarter.
■ 1H24 core net profit was slightly ahead of expectations at 54-55% of our and Bloomberg consensus full-year forecasts.
■ Maintain Hold and RM3.20 TP. The stock offers FY24-26F yields of ~5.5- 6.5%, backed by a strong net cash balance sheet and healthy FCFs.

Analyst:
Dharmini THURAISINGAM
E [%hZjY%]

$KLSE-GASMSIA
Research by CGS
Hold - TP RM3.70

"A record quarter"

■ GMB’s earnings hit a new record in 2Q24, with normalised net profit coming in at RM110m, helped mainly by notably lower overheads during the quarter.
■ 1H24 core net profit was slightly ahead of expectations at 54-55% of our and Bloomberg consensus full-year forecasts.
■ Maintain Hold and RM3.20 TP. The stock offers FY24-26F yields of ~5.5- 6.5%, backed by a strong net cash balance sheet and healthy FCFs.

Analyst:
Dharmini THURAISINGAM
E dharmini@cgsi.com