The APH saga has taken a positive twist as a CIMB Bank-led restructuring is reportedly in the works. If successful, it would bring in the additional funds needed to complete the project. For Muhibbah, it would mean no provisions and possibly, additional APH works. We raise EPS and RNAV for a recent project award. Our target price goes up from RM1.24 to RM1.63 as we narrow our RNAV discount from 50% to 40%. We upgrade from Hold to Trading Buy given the possibility of a favourable outcome for APH in the next 1-2 months.
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