Equity Analysis /
Malaysia

MY : Muhibbah Engineering - Core losses dragged by Cambodia Airports

    Sharizan Rosely
    Sharizan Rosely

    Construction and Infrastructure

    CGS-CIMB
    30 November 2021
    Published by

    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).