[%HmYF%] 
Research by Maybank
BUY – TP RM 1.60

" On track for higher earnings delivery”

We maintain our BUY call on CMS with an unchanged TP of MYR1.60, pegged to 10x FY25E PER which implies 0.4x P/B (BVPS of MYR3.16 @ 30 Jun 2024) and 0.4x our RNAV/shr est. (of MYR3.38). We make negligible changes to our earnings estimates due to house-keeping, expecting strong 29% earnings growth in FY24E with cement and Oiltools to be the drivers.Valuation remains undemanding, now at 9.8x FY24E PER. Further catalyst would be a favourable outcome to the impasse for its phosphate op

Analyst: 
Wong Chew Hann
[%oTJh%]

$KLSE-CMSB 
Research by Maybank
BUY – TP RM 1.60

" On track for higher earnings delivery”

We maintain our BUY call on CMS with an unchanged TP of MYR1.60, pegged to 10x FY25E PER which implies 0.4x P/B (BVPS of MYR3.16 @ 30 Jun 2024) and 0.4x our RNAV/shr est. (of MYR3.38). We make negligible changes to our earnings estimates due to house-keeping, expecting strong 29% earnings growth in FY24E with cement and Oiltools to be the drivers.Valuation remains undemanding, now at 9.8x FY24E PER. Further catalyst would be a favourable outcome to the impasse for its phosphate op

Analyst: 
Wong Chew Hann
wchewh@maybank-ib.com