[%rwXZ%] 
Research by Malacca
Buy - TP RM1.96

"1H24 Earnings Came In Within Expectations"

Maintain BUY with TP of RM1.96. The TP is based on a sum-of-parts valuation, applying a 1.0x multiple to the book value of the financial services and property development segments. We believe the property segment could benefit from an upcycle in the sector amid rising demand for data centers. The construction, industries, and hospitality segments are valued at a P/E multiple of 9.0x, reflecting their earnings potential in FY24f.

Analyst:
Loui Low
[%MTma%]

$KLSE-OSK 
Research by Malacca
Buy - TP RM1.96

"1H24 Earnings Came In Within Expectations"

Maintain BUY with TP of RM1.96. The TP is based on a sum-of-parts valuation, applying a 1.0x multiple to the book value of the financial services and property development segments. We believe the property segment could benefit from an upcycle in the sector amid rising demand for data centers. The construction, industries, and hospitality segments are valued at a P/E multiple of 9.0x, reflecting their earnings potential in FY24f.

Analyst:
Loui Low
louilow@msec.com.my