[%GkPQ%] 
Research by TA
Hold - TP RM0.80

"Prai Receives PPA Extension"

Our Hold rating for MALAKOF is now under review pending MALAKOF’s analyst briefing tomorrow. However, we note that MALAKOF’s share price has rallied strongly prior to this announcement and the stock is now trading at 5.4x FY25 EV/EBITDA, at a slight premium to historical mean of 5.2x. Our sum-of- parts derived target price remains unchanged for now at RM0.80/share. While valuations appear stretched, dividend yields are attractive at 5.1%-6.3% yield over our forecast horizon.

Analyst:
Kaladher Govindan 
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$KLSE-MALAKOF 
Research by TA
Hold - TP RM0.80

"Prai Receives PPA Extension"

Our Hold rating for MALAKOF is now under review pending MALAKOF’s analyst briefing tomorrow. However, we note that MALAKOF’s share price has rallied strongly prior to this announcement and the stock is now trading at 5.4x FY25 EV/EBITDA, at a slight premium to historical mean of 5.2x. Our sum-of- parts derived target price remains unchanged for now at RM0.80/share. While valuations appear stretched, dividend yields are attractive at 5.1%-6.3% yield over our forecast horizon.

Analyst:
Kaladher Govindan 
kaladher@ta.com.my

$MALAKOF / 5264 (MALAKOFF CORPORATION BERHAD)