[%VvAx%] 
Research by Kenanga
OUTPERFORM – TP RM0.62

" Chugging Along”

MRCB’s 1HFY24 earnings exceeded expectations, mainly due to chunky showing from the construction division making good progress. Order book replenishment of its construction division will be underpinned by a tender book of RM34b. Meanwhile 1HFY24 property sales of RM497.4m are on track to meet its RM800m target backed by RM1.9b of new launches. We raise our FY24F earnings by 36%, raise TP by 82% to RM0.62 (from RM0.34), and upgrade to OP (from MP) as we like the stock for its participation in, and ability to secure, high value construction projects.

Analyst:
Clement Chua
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$KLSE-MRCB 
Research by Kenanga
OUTPERFORM – TP RM0.62

" Chugging Along”

MRCB’s 1HFY24 earnings exceeded expectations, mainly due to chunky showing from the construction division making good progress. Order book replenishment of its construction division will be underpinned by a tender book of RM34b. Meanwhile 1HFY24 property sales of RM497.4m are on track to meet its RM800m target backed by RM1.9b of new launches. We raise our FY24F earnings by 36%, raise TP by 82% to RM0.62 (from RM0.34), and upgrade to OP (from MP) as we like the stock for its participation in, and ability to secure, high value construction projects.

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

$MRCB / 1651 (MALAYSIAN RESOURCES CORPORATION BERHAD)