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RANHILL

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Ranhill Utilities Berhad

Data Chart Belum Tersedia

Company Background

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The National Water Services Commission (SPAN) has emphasized that water resource availability is likely to be a significant constraint in supporting the rapid expansion of data centers in the country.

It seems unlikely that the inflow of foreign technology companies setting up data centers will be halted. Considering the government's high debt levels, foreign direct investment represents a crucial "free" flow of funds to stimulate our national economy, which is urgently needed.

Could it be that the government will mandate the reinforcement or construction of new water treatment plants to address this issue?

Which public-listed companies, in your view, stand to benefit from such developments?

My uneducated suspects:

$PBA / 5041 (PBA HOLDINGS BHD) $ENGTEX / 5056 (ENGTEX GROUP BERHAD) $RANHILL / 5272 (RANHILL UTILITIES BERHAD)

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$RANHILL / 5272 (RANHILL UTILITIES BERHAD)
Research by RHB
Sell – TP RM1.10

" Still Lacking Firepower; Keep SELL”

Ranhill Utilities recorded a 1H24 core profit of MYR16.9m (-27% YoY) – missing expectations – making up 36% and 32% of ours and Street’s estimates. The negative deviation was mainly due to the weakerthan-expected performance of the engineering services and power divisions. With hefty valuations in the absence of any sizeable near-term catalyst, we maintain our call on RAHH, which is trading at FY25F P/E of 40.6x, >2SD above its five-year mean P/E. Dividend yields are unattractive at just c.1%

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

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$RANHILL / 5272 (RANHILL UTILITIES BERHAD)
Research by TA
SELL– TP RM1.06

" Priced to Perfection”

Maintain Sell with unchanged TP of RM1.06 as we believe RANHILL’s share price has moved ahead of its fundamentals. RANHILL is currently trading at 36.7x FY25 EPS and only offers dividend yield of 1.5%-1.7% for FY24-FY26

Analyst:
Kaladher Govindan
kaladher@ta.com.my

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$RANHILL / 5272 (RANHILL UTILITIES BERHAD)
Research by Maybank
SELL – TP RM0.90

" Sequentially weaker”

Ranhill’s 2Q24 earnings were below our/consensus expectation, as earnings declined sequentially due to an uptick in amortisation and interest expense. Meanwhile, a recurrence of a NRW incentive in FY24 (thus potentially leading to a spike in 4Q24E earnings) has not yet been ruled out. We maintain a SELL rating on an unchanged MYR0.90 TP (SOPbased) given the stock’s rich valuations

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com

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$RANHILL / 5272 (RANHILL UTILITIES BERHAD)
Research by MIDF
SELL – TP RM1.07

" Weighed by Profit Reversal”

• 1HFY24 result missed expectations, down -12.6%yoy to RM20.3m
• Bottom line dragged by RM8m profit reversal from Ranhill Worley
• Expect better earnings in coming quarters due to higher domestic
water tariff and stronger non-domestic demand
• Maintain SELL with an unchanged TP of RM1.07.

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my

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$RANHILL / 5272 (RANHILL UTILITIES BERHAD)

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Change in Boardroom - CIK IMAAN AIYSHA BINTI HAMDAN

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Change in Boardroom - DATUK SERI PANGLIMA LIM HAW KUANG

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Change in Risk Committee - CIK ZURINA BINTI ABDUL RAHIM

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Change in Risk Committee - DATUK SERI PANGLIMA LIM HAW KUANG

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Change in Risk Committee - TAN SRI HAMDAN MOHAMAD

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Change in Boardroom - CIK ZURINA BINTI ABDUL RAHIM

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Change in Boardroom - TAN SRI HAMDAN MOHAMAD

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - YTL POWER INTERNATIONAL BERHAD

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - YTL CORPORATION BERHAD

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - YEOH TIONG LAY & SONS HOLDINGS SDN BHD

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - YEOH TIONG LAY & SONS FAMILY HOLDINGS LIMITED

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - YEOH TIONG LAY & SONS TRUST COMPANY LIMITED

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - SIPP POWER SDN BHD

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - PUAN SRI DATIN SERI TAN KAI YONG @ TAN KAY NEONG

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A)) (Amended Announcement)

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

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SUMMARY NOTIFICATION ON THE INDEPENDENT ADVICE CIRCULAR IN RELATION TO THE UNCONDITIONAL MANDATORY TAKE-OVER OFFER BY SIPP POWER SDN BHD ("OFFEROR") THROUGH MAYBANK INVESTMENT BANK BERHAD TO ACQUIRE ALL THE REMAINING ORDINARY SHARES IN RANHILL UTILITIES BERHAD NOT ALREADY OWNED BY THE OFFEROR AND YTL POWER INTERNATIONAL BERHAD ("ULTIMATE OFFEROR") AND PERSONS ACTING IN CONCERT WITH THE OFFEROR AND THE ULTIMATE OFFEROR ("OFFER SHARES") FOR A CASH OFFER PRICE OF RM0.995 PER OFFER SHARE ("OFFER")

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INDEPENDENT ADVICE CIRCULAR IN RELATION TO THE UNCONDITIONAL MANDATORY TAKE-OVER OFFER BY SIPP POWER SDN BHD ("OFFEROR") THROUGH MAYBANK INVESTMENT BANK BERHAD TO ACQUIRE ALL THE REMAINING ORDINARY SHARES IN RANHILL UTILITIES BERHAD NOT ALREADY OWNED BY THE OFFEROR AND YTL POWER INTERNATIONAL BERHAD ("ULTIMATE OFFEROR") AND PERSONS ACTING IN CONCERT WITH THE OFFEROR AND THE ULTIMATE OFFEROR ("OFFER SHARES") FOR A CASH OFFER PRICE OF RM0.995 PER OFFER SHARE ("OFFER")

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