not vested
Regulatory risks appear contained; U/G to BUY
We come away from CTOS’ analyst briefing ystd feeling positive that its business continuity is not at risk following the KL High Court decision on 11 March to rule in favour of the plaintiff.
Despite share price undergoing a steep 14% correction ystd, we believe regulatory risks to its business at this juncture are contained.
As such, we upgrade CTOS to a BUY.
We maintain our FY24-26E forecasts and TP of MYR2.10 (pegged to 1.9x PEG).
Source: Maybank
https://mkefactsettd.maybank-ke.com/PDFS/370558.pdf