Financials Muhibbah Engineering (M) Bhd.

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
0.925 ^MYR	-1.60%		+3.93%	+19.35%

Feb. 27	Muhibbah Engineering (M) Bhd. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI
Feb. 27	Muhibbah Engineering (M) Bhd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,344	1,189	483.4	396.4	362.6	672	672	-
Enterprise Value (EV) ¹	1,794	1,833	1,050	396.4	362.6	562.5	672	672
P/E ratio	9.44 x	31.7 x	-3.92 x	-119 x	-18.2 x	-77.5 x	13.2 x	10.3 x
Yield	2.69%	1.02%	-	-	-	1.08%	3.03%	4.86%
Capitalization / Revenue	0.87 x	0.74 x	0.41 x	0.39 x	0.41 x	0.44 x	0.51 x	0.5 x
EV / Revenue	0.87 x	0.74 x	0.41 x	0.39 x	0.41 x	0.44 x	0.51 x	0.5 x
EV / EBITDA	7.1 x	13 x	13.6 x	2.9 x	3.43 x	6.87 x	4.97 x	4 x
EV / FCF	-15.8 x	-7.94 x	3.94 x	5.33 x	-	3.22 x	34.3 x	5.88 x
FCF Yield	-6.35%	-12.6%	25.4%	18.8%	-	31.1%	2.92%	17%
Price to Book	1.2 x	1.06 x	0.44 x	0.36 x	-	0.44 x	0.5 x	0.48 x
Nbr of stocks (in thousands)	481,671	483,384	483,445	483,445	725,168	726,463	726,463	-
Reference price ²	2.790	2.460	1.000	0.8200	0.5000	0.9250	0.9250	0.9250
Announcement Date	2/28/19	2/28/20	3/30/21	2/28/22	2/23/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,543	1,609	1,190	1,005	885.8	1,292	1,318	1,346
EBITDA ¹	189.3	91.64	35.5	136.8	105.8	81.9	135.3	167.9
EBIT ¹	117.9	16.33	-44.64	60.76	32.11	7.248	46.8	78.2
Operating Margin	7.64%	1.01%	-3.75%	6.05%	3.63%	0.56%	3.55%	5.81%
Earnings before Tax (EBT) ¹	262.1	158.5	-57.08	17.42	20.41	66.9	91.8	126.4
Net income ¹	144.8	37.8	-123.3	-3.347	-17.84	-7.974	51.1	65.1
Net margin	9.38%	2.35%	-10.36%	-0.33%	-2.01%	-0.62%	3.88%	4.84%
EPS ²	0.2957	0.0775	-0.2550	-0.006900	-0.0275	-0.0100	0.0700	0.0900
Free Cash Flow ¹	-85.27	-149.8	122.6	74.39	-	174.8	19.6	114.3
FCF margin	-5.53%	-9.31%	10.3%	7.4%	-	13.53%	1.49%	8.49%
FCF Conversion (EBITDA)	-	-	345.28%	54.39%	-	213.47%	14.49%	68.08%
FCF Conversion (Net income)	-	-	-	-	-	-	38.36%	175.58%
Dividend per Share ²	0.0750	0.0250	-	-	-	0.0100	0.0280	0.0450
Announcement Date	2/28/19	2/28/20	3/30/21	2/28/22	2/23/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	450	644	567	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.377 x	7.025 x	15.97 x	-	-	-	-	-
Free Cash Flow ¹	-85.3	-150	123	74.4	-	175	19.6	114
ROE (net income / shareholders' equity)	13.3%	3.38%	-11.2%	-0.31%	-	-0.63%	3.89%	4.77%
ROA (Net income/ Total Assets)	4.02%	0.98%	-3.29%	-0.09%	-	-0.23%	2.74%	3.34%
Assets ¹	3,599	3,858	3,746	3,534	-	3,424	1,865	1,949
Book Value Per Share ²	2.330	2.320	2.250	2.280	-	1.780	1.850	1.910
Cash Flow per Share	0.0800	-0.1500	0.4500	-	-	-	-	-
Capex ¹	124	75.3	93.6	38.3	-	58.2	30	30
Capex / Sales	8.06%	4.68%	7.87%	3.81%	-	4.5%	2.28%	2.23%
Announcement Date	2/28/19	2/28/20	3/30/21	2/28/22	2/23/23	2/27/24	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.925 MYR

Average target price

1.34 MYR

Spread / Average Target

+44.86%

	1st Jan change	Capi.
MUHIBBAH ENGINEERING (M) BHD.	+19.35%	143M
VINCI	-2.73%	67.67B
LARSEN & TOUBRO LIMITED	+3.03%	59.37B
QUANTA SERVICES, INC.	+21.30%	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.	+14.26%	19.47B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+23.28%	17.6B
EMCOR GROUP, INC.	+68.27%	16.64B