YTL / Yeoh Tiong Lay

[winston]

not vested

YTL sees 1Q growth across most segments

YTL Corp’s net profit grew 3.8% y-o-y to RM346.48mil in 1Q26 while revenue declined to RM7.64bil from RM7.77bil.

YTL Corp’s pre-tax profits were weighed in part by the construction and utilities segments.

In its utilities segment, YTL Crop said electricity demand for YTL PowerSeraya Pte Ltd is expected to remain stable.

Malayan Cement recorded a 44% y-o-y jump in net profit to RM200.7mil in 1Q26 on the back of a 4% y-o-y increase in revenue to RM1.22bil.

YTL-REIT’s revenue increased 6% to RM140.5mil as net property income (NPI) rose 12% y-o-y to RM77mil in 1Q26, while income available for distribution climbed 11% to RM29.5mil.

YTL Power saw a dip in its net profit to RM484.7mil in 1Q26 from RM510.6mil a year ago on the back of RM5.36bil revenue.

Source: The Star

https://www.thestar.com.my/business/bus ... t-segments

[winston]

not vested

YTL Corp 2Q26 quarterly profit rises 19% on stronger segment contributions

Pre-tax profit rose 9% to RM1.06bil, while profit after tax increased 19% to RM788mil.

The strengthening ringgit reduced reported earnings as a significant portion of YTL Power’s income is generated in foreign currencies including the US dollar, the Singapore dollar and the sterling.

Source: The Star

https://www.thestar.com.my/business/bus ... tributions

[winston]

not vested

Renewed optimism on utilities and cement

With renewed optimism on YTL Power and its cement business, we upgrade YTL to Add with a lower TP of RM2.68 (10% discount to SOP).

The missing link remains its construction business but we expect some major government infrastructure awards soon where YTL could be a frontrunner.

Acquisition of CEPCO should be synergetic for cement and construction.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 77E17AE0E3

[winston]

not vested

YTL Corp positioned for infrastructure upcycle

Well-positioned to ride the infrastructure upcycle, as well as its strategic venture into data centres (DCs) and renewable energy via its utilities division.

The group’s cement and building materials business is also a direct beneficiary of a strong construction sector, with projects such as warehouses, DCs and residential projects, with the upcoming Johor-Singapore Special Economic Zone.

Cepco is a manufacturer of spun concrete piles and poles in Malaysia.
“We view that the acquisition strengthens YTL Cement’s vertical integration strategy by adding substructure precast capabilities and will synergise well with its existing cement, aggregates and precast superstructure operations.

Malayan Cement is currently trading at 16-times, based on a one-year forward PER.

Source: The Star

https://www.thestar.com.my/business/bus ... re-upcycle

[winston]

not vested

Negative implied value for unlisted business

Negative implied value for unlisted business not justified but needs more external orderbook wins and aggressive property launches to narrow the gap.

YTL committed to replenishing external orderbook with RM25bn tenderbook.

We keep our Add call with a TP of RM2.68, based on 10% discount to SOP.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 4C77704D7E