[%pNIB%]
Research by APEX
HOLD – TP RM 5.36

"Perodua set to propel growth”

• MBMR recorded CNP of RM66.7m (+31.8% yoy, -15.7% qoq) in 2QFY24, bringing 1HFY24 CNP to RM145.9m (+13.0% yoy), which was above our expectations at 60% but within consensus expectation at 54%. The variation was mainly stemmed from higher-than-expected P2 sales which exceeded our forecasts by +12.4%.
• We raised our earnings forecast for FY24-26 by +6.8%/+6.3%/+6.4% to account for the stronger-than-expected demand for P2.
• We upgrade our recommendation to HOLD (from SELL) with a higher target price of RM5.36 with forward PE of 7.7x (from 7.1x) on EPS of 70.0 sen after rolling forward our valuation metrics to FY25.

Analyst:
Steven Chong
[%bOYt%]

$KLSE-MBMR
Research by APEX
HOLD – TP RM 5.36

"Perodua set to propel growth”

• MBMR recorded CNP of RM66.7m (+31.8% yoy, -15.7% qoq) in 2QFY24, bringing 1HFY24 CNP to RM145.9m (+13.0% yoy), which was above our expectations at 60% but within consensus expectation at 54%. The variation was mainly stemmed from higher-than-expected P2 sales which exceeded our forecasts by +12.4%.
• We raised our earnings forecast for FY24-26 by +6.8%/+6.3%/+6.4% to account for the stronger-than-expected demand for P2.
• We upgrade our recommendation to HOLD (from SELL) with a higher target price of RM5.36 with forward PE of 7.7x (from 7.1x) on EPS of 70.0 sen after rolling forward our valuation metrics to FY25.

Analyst:
Steven Chong
stevenchong@apexsecurities.com.my