9MFY21 results were broadly in line despite the RM6.5m core losses. Infra and cranes to support an earnings turnaround in 4Q21F but Cambodia Airports losses (21% stake) remains our key concern. Reduce rating unchanged with lower TP (60% discount to RNAV).

Equity Analysis /
MalaysiaMY : Muhibbah Engineering - Core losses dragged by Cambodia Airports
Sharizan Rosely
Construction and Infrastructure @ CGS-CIMB
30 November 2021

30 November 2021
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