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MY : Muhibbah Engineering - Core losses dragged by Cambodia Airports

Sharizan Rosely

Construction and Infrastructure @ CGS-CIMB

30 November 2021

Published by

CGS-CIMB

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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).

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