$MPI / 3867 (MALAYSIAN PACIFIC INDUSTRIES BERHAD)
Research by RHB
Buy - TP RM44.80

"On a Commendable Recovery Path; Keep BUY"

Maintain BUY and MYR44.80 TP, 35% upside, c.1.4% FY25F (Jun) yield. Malaysian Pacific Industries’ FY24 core profit of MYR182m (+46% YoY) met our but exceeded consensus’ expectations. We expect the utilisation rate to improve heading into 2HCY and CY25 amid a strong products pipeline and recovery of the semiconductor sector. We continue to like MPI as one of the proxies for the semiconductor sector’s recovery and its improved efficiency following various cost rationalisation efforts.

Analyst:
Lee Meng Horng
lee.meng.horng@rhbgroup.com