Financials Malaysian Resources Corporation

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 28/04/2024 BST			5-day change	1st Jan Change
0.68 ^MYR	+0.74%		+2.26%	+52.81%

03-01	Malaysian Resources Corporation Berhad Announces Redesignation of Dato Mohamad Nasir AB Latif from Acting Chairman to Chairman	CI
03-01	Malaysian Resources' Profit Shoots Up in Q4	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,221	2,096	1,588	1,318	1,988	3,038	-	-
Enterprise Value (EV) ¹	4,611	3,548	1,588	1,318	1,988	3,038	3,038	3,038
P/E ratio	135 x	-11.9 x	98.6 x	20.3 x	19.7 x	68 x	60 x	42.5 x
Yield	1.37%	2.11%	2.82%	3.39%	-	1.96%	1.96%	1.47%
Capitalization / Revenue	2.44 x	1.75 x	1.1 x	0.41 x	0.78 x	1.13 x	1.13 x	1.08 x
EV / Revenue	2.44 x	1.75 x	1.1 x	0.41 x	0.78 x	1.13 x	1.13 x	1.08 x
EV / EBITDA	24.4 x	-26.1 x	10.3 x	4.28 x	-	11.9 x	9.23 x	8.91 x
EV / FCF	-9,325,421 x	9,572,879 x	-7,641,820 x	-12,477,187 x	-	-	-	-
FCF Yield	-0%	0%	-0%	-0%	-	-	-	-
Price to Book	0.67 x	0.46 x	0.35 x	0.29 x	-	0.66 x	0.67 x	0.65 x
Nbr of stocks (in thousands)	4,412,046	4,412,046	4,472,510	4,467,510	4,467,510	4,467,510	-	-
Reference price ²	0.7300	0.4750	0.3550	0.2950	0.4450	0.6800	0.6800	0.6800
Announcement Date	26/02/20	25/02/21	28/02/22	20/02/23	03/04/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,319	1,199	1,448	3,205	2,537	2,698	2,683	2,811
EBITDA ¹	132.2	-80.26	154.8	308	-	255	329	341
EBIT ¹	91.98	-117.3	118.7	247.8	-	226	258.7	280
Operating Margin	6.97%	-9.78%	8.19%	7.73%	-	8.38%	9.64%	9.96%
Earnings before Tax (EBT) ¹	52.96	-152.9	61.3	154.3	134.2	102.6	123.8	166
Net income ¹	23.74	-176.1	15.83	64.85	101	46.23	55.97	61
Net margin	1.8%	-14.68%	1.09%	2.02%	3.98%	1.71%	2.09%	2.17%
EPS ²	0.005400	-0.0399	0.003600	0.0145	0.0226	0.0100	0.0113	0.0160
Free Cash Flow	-345.4	218.9	-207.8	-105.6	-	-	-	-
FCF margin	-26.18%	18.25%	-14.34%	-3.3%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0100	0.0100	0.0100	0.0100	-	0.0133	0.0133	0.0100
Announcement Date	26/02/20	25/02/21	28/02/22	20/02/23	03/04/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	1,390	1,452	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	10.52 x	-18.09 x	-	-	-	-	-	-
Free Cash Flow	-345	219	-208	-106	-	-	-	-
ROE (net income / shareholders' equity)	0.49%	-3.76%	0.35%	1.43%	-	1.05%	1.3%	1.5%
ROA (Net income/ Total Assets)	0.28%	-2.09%	0.18%	0.7%	-	-	-	-
Assets ¹	8,424	8,417	8,748	9,264	-	-	-	-
Book Value Per Share ²	1.090	1.040	1.010	1.010	-	1.030	1.020	1.040
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	22.9	14.7	24.7	13.2	50	65	50
Capex / Sales	-	1.91%	1.02%	0.77%	0.52%	1.85%	2.42%	1.78%
Announcement Date	26/02/20	25/02/21	28/02/22	20/02/23	03/04/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.68 MYR

Average target price

0.6175 MYR

Spread / Average Target

-9.19%

	1st Jan change	Capi.
MALAYSIAN RESOURCES CORPORATION	+52.81%	632M
VINCI	-2.73%	67.67B
LARSEN & TOUBRO LIMITED	+3.03%	59.37B
QUANTA SERVICES, INC.	+21.57%	38.3B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+13.31%	30.73B
FERROVIAL SE	+2.60%	26.35B
CHINA RAILWAY GROUP LIMITED	+20.60%	22.01B
WSP GLOBAL INC.	+14.70%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+23.28%	17.6B
EMCOR GROUP, INC.	+68.80%	16.64B