Mega First Corp. Bhd – Decent delivery (MFCB MK, CP MYR3.60, BUY, TP MYR4.30, Utilities)
3Q21 results were in line with our/market expectations. Don Sahong’s scheduled turbine maintenance coincided with lower opex as receivable days stayed stable. We still expect management to pursue value-accretive RE opportunities going forward. Maintain BUY with an unchanged MYR4.30 TP.