Saham: KLSE-MUHIBAH - PT. Muhibbah Engineering (M) Bhd

$MUHIBAH / 5703 (MUHIBBAH ENGINEERING (M) BHD)
Research Report by CGSI

Muhibbah to ride on tourism recovery in Cambodia

PETALING JAYA: Muhibbah Engineering (M) Bhd is expected to benefit from a tourism recovery in Cambodia, analysts say.

$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

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

"Strong earnings delivery in 2Q24"

■ 2Q24 results within expectations; strong construction and concession profits
■ Orderbook remains strong but we see some urgency to replenish new wins
■ Reiterate Add and SOP-derived TP of RM1.34

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

Additional Listing Announcement /Subdivision of Shares [MUHIBAH]

Additional Listing Announcement /Subdivision of Shares

General Meetings: Outcome of Meeting [MUHIBAH]

General Meetings: Outcome of Meeting

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

“Phnom Penh showing signs of strength"

■ 1Q24 results met expectations, with associate profits from its Cambodia airport concession up 32% yoy despite the sale of Siem Reap in Oct 23.
■ Favelle Favco is winning more crane jobs and beefing up recurring income.
■ Reiterate Add with unchanged SOP-derived TP of RM1.34.

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

Quarterly rpt on consolidated results for the financial period ended 31/03/2024 [MUHIBAH]

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

Additional Listing Announcement /Subdivision of Shares [MUHIBAH]

Additional Listing Announcement /Subdivision of Shares

Annual Report & CG Report - 2023 [MUHIBAH]

Annual Report & CG Report - 2023

PART A - STATEMENT TO SHAREHOLDERS IN RELATION TO THE PROPOSED RENEWAL OF AUTHORITY FOR SHARE BUY-BACK PART B - PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE [MUHIBAH]

PART A - STATEMENT TO SHAREHOLDERS IN RELATION TO THE PROPOSED RENEWAL OF AUTHORITY FOR SHARE BUY-BACK PART B - PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

General Meetings: Notice of Meeting [MUHIBAH]

General Meetings: Notice of Meeting

Muhibbah on track for new Cambodia deal

PETALING JAYA: CGS International Research (CGSI Research) expects a favourable outcome from Muhibbah Engineering (M) Bhd’s Phnom Penh airport concession in Cambodia, which would likely include compensation and a new operating agreement for the new airport in Kandal.

OTHERS [MUHIBAH]

OTHERSMuhibbah Engineering (M) Bhd ("MEB" or "the Company")
(i) Proposed Renewal of Authority for Share Buy-Back
(ii) Proposed Renewal of Existing Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature

An 'ideal scenario' for Muhibbah's Cambodia concession - CGSI

KUALA LUMPUR: Negotiations between Muhibbah Engineering (M) Bhd and Cambodian authorities over a possible concession for the new airport in Phnom Penh are progressing well, with the possibility of an ideal scenario coming to fruition, said CGS International (CGSI) Research.

$MUHIBAH / 5703 (MUHIBBAH ENGINEERING (M) BHD)
Research by CGS
Add - TP of MYR1.34

“A step closer to a positive outcome for PP”

We see a likely positive outcome for the PP concession, which could include compensation and a new operating agreement for the new airport in Kandal. We believe earnings will pick up in FY24-25F while FY25F P/E is just 10x. Reiterate Add and SOP-derived TP of RM1.34.

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

MUHIBAH

Muhibbah Engineering (M) Bhd

Company Background