$MALAKOF / 5264 (MALAKOFF CORPORATION BERHAD)
Research by CGS
ADD – TP RM1.30

" Making a comeback”

■ Malakoff’s quarterly earnings delivery and cashflows have recovered notably, driven by better plant performance and more stable coal prices.
■ Surging power demand has, in our view, strengthened the group’s prospects for securing new power plants, solidifying longer-term earnings longevity.
■ Despite the 45% increase in share price YTD, valuations remain low at 4x 2025F EV/EBITDA. Reiterate Add with a higher DCF-based TP of RM1.30

Analyst:
Dharmini THURAISINGAM
dharmini@cgsi.com