[%tjWW%]
Research by Kenanga
Outperform - TP RM1.81

"A Slower Patch"

MKH’s 9MFY24 results missed our forecast and market expectations. Its 9MFY24 core net profit rose 7% YoY driven by its bread-and-butter segments. We like MKH for its affordable and transit-oriented development (TOD) property offerings and expanding plantation business in Kalimantan. We cut our FY24-25F earnings forecasts by 16% and 12%, respectively, and reduce our TP to RM 1.81 (from RM1.83) and maintain OUTPERFORM call.

Analyst:
Clement Chua 
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$KLSE-MKH
Research by Kenanga
Outperform - TP RM1.81

"A Slower Patch"

MKH’s 9MFY24 results missed our forecast and market expectations. Its 9MFY24 core net profit rose 7% YoY driven by its bread-and-butter segments. We like MKH for its affordable and transit-oriented development (TOD) property offerings and expanding plantation business in Kalimantan. We cut our FY24-25F earnings forecasts by 16% and 12%, respectively, and reduce our TP to RM 1.81 (from RM1.83) and maintain OUTPERFORM call.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my