$MALAKOF / 5264 (MALAKOFF CORPORATION BERHAD)
Research by CGS
ADD – TP RM1.00

"Earnings coming through nicely”

■ Malakoff’s earnings showed sustained strength in 2Q24. Normalised net profit grew 30% qoq driven by further improvements from its power business.
■ 1H24 core net profit was ahead of our expectations at 59% of our full-year forecast.
■ Recent pullback in its share price provides a good opportunity to accumulate. Maintain Add with a DCF-based TP of RM1.00

Analyst:
Dharmini THURAISINGAM
dharmini@cgsi.com