Mega First Corp. Bhd $MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by Maybank IB
BUY: Target Price: RM 4.30

"A sustainability-themed conglo"

Unfairly stigmatised?
Despite having an already substantial RE contribution (>90% of earnings),
Mega First is sometimes unfairly stigmatised due to generalisation of its
hydro exposure and the diverse nature of its businesses. We believe the
stigma should reduce with improved disclosure. Fundamentally, we view
Mega First’s risk-reward as being favourable presently. Reiterate BUY with
an unchanged MYR4.30 TP.

Tan Chi Wei, CFA
E chiwei.t@maybank-ib.com
T (603) 2297 8690