MY : Muhibbah Engineering - Still cautious on recovery prospects

1Q21 results were above expectations; core net profit of RM0.3m fell 95% yoy due to the pandemic. Associates turned in losses in 1Q21; Cambodia Airports performance deteriorated on falling passenger traffic and global travel bans. Reiterate Reduce with a higher TP (60% discount to RNAV); remain cautious on recovery prospects.

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