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Research by RHB
Buy – TP RM 1.11

"Decent Set Of Results In 1H24; Maintain BUY”

Maintain BUY and DCF-derived TP of MYR1.11, 33% upside with c.6% FY25F yield. Malakoff Corp’s 1H24 results came in within expectations, with a YoY turnaround led by the normalising fuel margin impact and stronger contributions from its subsidiary, Alam Flora. As MLK is an experienced independent power producer, we believe it is also well-positioned to benefit from the rising demand for energy over the long term.

Analyst:
Sean Lim, CFA
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$KLSE-MALAKOF
Research by RHB
Buy – TP RM 1.11

"Decent Set Of Results In 1H24; Maintain BUY”

Maintain BUY and DCF-derived TP of MYR1.11, 33% upside with c.6% FY25F yield. Malakoff Corp’s 1H24 results came in within expectations, with a YoY turnaround led by the normalising fuel margin impact and stronger contributions from its subsidiary, Alam Flora. As MLK is an experienced independent power producer, we believe it is also well-positioned to benefit from the rising demand for energy over the long term.

Analyst:
Sean Lim, CFA
sean.lim@rhbgroup.com

$MALAKOF / 5264 (MALAKOFF CORPORATION BERHAD)