$MALAKOF / 5264 (MALAKOFF CORPORATION BERHAD)
Research by Maybank
HOLD – TP RM 0.80

"Sequentially higher”

2Q24 results were below our expectation on lower-than-expected associate income. Operational details have not yet been disclosed pending a briefing today. We now view Malakoff’s risk-reward as being balanced, with its c.5% dividend yield providing some degree of downside support. Upgrade to HOLD (from SELL) with a higher SOP-based TP of MYR0.80 (+45%).

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com