[%VCQX%] 
Research by Kenanga
OUTPERFORM – TP RM1.88

" Robust Performance”

MAHSING’s 1HFY24 results met expectations. Its 1HFY24 revenue declined 12% YoY with ongoing projects mostly at early stages of construction. However, CNP rose 20% from better and higher-margin products. It is venturing further into the data centre space including possible land sale opportunities its Meridin East township in Johor. We maintain our forecasts and TP of RM1.87. Upgrade to OUTPERFORM (from MARKET PERFORM).

Analyst:
Clement Chua
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$KLSE-MAHSING 
Research by Kenanga
OUTPERFORM – TP RM1.88

" Robust Performance”

MAHSING’s 1HFY24 results met expectations. Its 1HFY24 revenue declined 12% YoY with ongoing projects mostly at early stages of construction. However, CNP rose 20% from better and higher-margin products. It is venturing further into the data centre space including possible land sale opportunities its Meridin East township in Johor. We maintain our forecasts and TP of RM1.87. Upgrade to OUTPERFORM (from MARKET PERFORM).

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