[%aoTe%] 
Research by HLIB
BUY  – TP RM2.28

" Robust outlook ahead”

SMRT ended FY24 on a high note, with managed site additions exceeding our expectations. Looking ahead to FY25, we expect strong site deployments to continue, supported by a robust pipeline from PAPI, TNB, and potential contributions from PLN. In particular, the upcoming RP4 period is likely to drive higher deployments from TNB, bolstered by increased approved capex. We also anticipate strong deployment in both Indonesia and the Philippines, driven by PLN and PAPI, respectively. Overall, we maintain our BUY call with an unchanged TP of RM2.28. SMRT remains one of our top picks in the tech application sector.

Analyst:  
Sam Jun Kit
[%SEWV%]
Tan J Young
[%mTIY%]

$KLSE-SMRT 
Research by HLIB
BUY  – TP RM2.28

" Robust outlook ahead”

SMRT ended FY24 on a high note, with managed site additions exceeding our expectations. Looking ahead to FY25, we expect strong site deployments to continue, supported by a robust pipeline from PAPI, TNB, and potential contributions from PLN. In particular, the upcoming RP4 period is likely to drive higher deployments from TNB, bolstered by increased approved capex. We also anticipate strong deployment in both Indonesia and the Philippines, driven by PLN and PAPI, respectively. Overall, we maintain our BUY call with an unchanged TP of RM2.28. SMRT remains one of our top picks in the tech application sector.

Analyst:  
Sam Jun Kit
jksam@hlib.hongleong.com.my
Tan J Young
jytan@hlib.hongleong.com.my