[%ZIZI%]
Research by HLIB
BUY  – TP RM6.50

"Strong 1H with surprise dividend”

MBMR reported core PATMI RM67.8m for 2QFY24 (-15.5% QoQ; +30.1% YoY) and RM148.1m for 1HFY24 (+12.1% YoY), above our expectation (59.7%), and consensus (54.4%). We expect MBMR to continue to leverage on the strong Perodua sales into 2HFY24, given the still high order backlogs of over 100k units and still healthy new order intakes. Perodua is expected to launch a new B-Segment SUV model and a facelift model in 2H24. Maintain BUY on MBMR with an unchanged TP: RM6.50 based on 10% discount to SOP of RM7.18. We expect potential upside for our assumed dividend of 24 sen for FY24-26. 

 Analyst:
Daniel Wong
[%zXDd%]

$KLSE-MBMR
Research by HLIB
BUY  – TP RM6.50

"Strong 1H with surprise dividend”

MBMR reported core PATMI RM67.8m for 2QFY24 (-15.5% QoQ; +30.1% YoY) and RM148.1m for 1HFY24 (+12.1% YoY), above our expectation (59.7%), and consensus (54.4%). We expect MBMR to continue to leverage on the strong Perodua sales into 2HFY24, given the still high order backlogs of over 100k units and still healthy new order intakes. Perodua is expected to launch a new B-Segment SUV model and a facelift model in 2H24. Maintain BUY on MBMR with an unchanged TP: RM6.50 based on 10% discount to SOP of RM7.18. We expect potential upside for our assumed dividend of 24 sen for FY24-26. 

 Analyst:
Daniel Wong
kkwong@hlib.hongleong.com.my