Since embarking on its sustainability journey, 2020/2021 YTD saw further milestones achieved as SCGB started measuring and reporting on key “E” parameters and signed up as an official supporter of the TCFD. SCGB’s
overall ESG risks are manageable, in our view. As it continues to build on
these efforts, its value proposition and investment case should strengthen
further. We value SCGB on 18x PER (-0.5SD of mean) on 12M ending mid-
FY22E earnings, deriving a MYR1.72 TP; HOLD.