$MUHIBAH / 5703 (MUHIBBAH ENGINEERING (M) BHD)
Research by CGS
ADD – TP RM1.34

" Possible large construction and crane wins”
■ Possible large construction and crane wins on the horizon
■ Cambodia Airports working towards a win-win outcome by 2Q25F
■ Valuations remain cheap at FY25F P/E of 8x (vs. sector average of 17x);
reiterate Add, with an unchanged SOP-based TP of RM1.34

Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com