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Research by RHB
Neutral - TP RM5.95

"Another Record-Breaking Year Likely For Perodua"

MaintainNEUTRALwithahigherMYR5.95TP,1%upside.Wecameaway from MBM Resources’ 1H24 analyst briefing feeling more bullish on the outlook for Perodua, its major earnings contributor. While we anticipate higher YoY earnings for MBM this year, we believe valuation is now fair as share price has risen 39% YTD. However, we advise investors to hold their positions given its handsome c.9% FY25F yield.

Analyst:
Syahril Hanafiah 
[%bTGt%]

$KLSE-MBMR
Research by RHB
Neutral - TP RM5.95

"Another Record-Breaking Year Likely For Perodua"

MaintainNEUTRALwithahigherMYR5.95TP,1%upside.Wecameaway from MBM Resources’ 1H24 analyst briefing feeling more bullish on the outlook for Perodua, its major earnings contributor. While we anticipate higher YoY earnings for MBM this year, we believe valuation is now fair as share price has risen 39% YTD. However, we advise investors to hold their positions given its handsome c.9% FY25F yield.

Analyst:
Syahril Hanafiah 
syahril.hanafiah@rhbgroup.com