Equity Analysis /
Malaysia

MY : HSS Engineers - Strong margin recovery in 2QFY22

    Sharizan Rosely
    Sharizan Rosely

    Construction and Infrastructure

    Follow
    CGS-CIMB
    18 August 2022
    Published byCGS-CIMB

    1HFY22 results were in line; core net profit surged 82% yoy on stronger project management billings and higher EBITDA margin. Proposed a 1-for-3 bonus issue of free warrants and 20% share placement, primarily for MRT 3 working capital and potential business expansion. Risk-reward remains attractive; Add rating and RM0.85 TP retained.