[%RsMW%] 
Research by APEX
HOLD – TP RM 1.64

" Disposal of Subsidiary in Indonesia to Creador”

• CCK has signed an agreement with private equity firm, Creador Sdn Bhd’s special purpose vehicle, Astrania Sdn Bhd to divest 40.0% stake in the Group’s Indonesia unit, PT Adilmart Tbk for RM163.1m.
• We are Neutral on the disposal. Although the disposal allows CCK to raise cash for debt repayment and working capital needs, CCK is already in net cash position prior to the corporate action.
• The disposal will be earnings dilutive, expected to reduce core net profit by -9.7%/-9.5% to RM79.4m/RM80.2m for FY25F/FY26F respectively.
• Maintained our HOLD recommendation with a lower TP of RM1.64 based on revised FY25F EPS of 12.6 sen pegged to 13.0x P/E multiple.

Analyst:  
Chelsea Chew
[%IMWv%]

$KLSE-CCK 
Research by APEX
HOLD – TP RM 1.64

" Disposal of Subsidiary in Indonesia to Creador”

• CCK has signed an agreement with private equity firm, Creador Sdn Bhd’s special purpose vehicle, Astrania Sdn Bhd to divest 40.0% stake in the Group’s Indonesia unit, PT Adilmart Tbk for RM163.1m.
• We are Neutral on the disposal. Although the disposal allows CCK to raise cash for debt repayment and working capital needs, CCK is already in net cash position prior to the corporate action.
• The disposal will be earnings dilutive, expected to reduce core net profit by -9.7%/-9.5% to RM79.4m/RM80.2m for FY25F/FY26F respectively.
• Maintained our HOLD recommendation with a lower TP of RM1.64 based on revised FY25F EPS of 12.6 sen pegged to 13.0x P/E multiple.

Analyst:  
Chelsea Chew
chelsea.chew@apexsecurities.com.my

$CCK / 7035 (CCK CONSOLIDATED HOLDINGS BERHAD)