Malayan Cement

[winston]

vested

June 7, 2023

Maiden dividend expected in FY24F

Reiterate Add with a higher TP of RM5.08 based on DCF as we raise our FY23-25F EPS by 36-107% on higher blended ASP assumptions.

Earnings recovery has thus far been ASP and cost driven. We expect stronger volume growth in 2HCY23F.

We think strong FCF generation will result in maiden dividends in FY24F.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 463455E01C

[winston]

not vested

HLIB upgrades Malayan Cement to 'buy' with target price of RM4.80

By Lee Ming Hui

Core profit after tax and minority interest (Patami) of RM96.2 million for the first quarter of 2024 (1QFY2024), beating both HLIB's and consensus expectations.

MCement’s 1QFY2024 revenue of RM1.15 billion, which increased by 13.6% quarter-on-quarter (q-o-q) and 33.7% year-on-year (y-o-y), c

RM2 billion of debt sits at the company level.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/691222

[winston]

not vested

Solid start to the year

1QFY6/24 results were above our expectations, with strong volume growth of 14% qoq as ASPs remained stable.

Promising prospects ahead, once large infrastructure projects are rolled out.

Reiterate Add with unchanged TP of RM5.55, based on DCF.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 541E4228CE

[winston]

Gaining market share in Singapore

Reiterate Add; raise FY6/24F-FY6/26F EPS and lift TP to RM6.00.

Awaiting large Malaysia mega projects but exports to Singapore providing strong tailwinds, in our view

We do not see a near-term threat from CIMA sale, as MCement has dominant share

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 15BFD99345