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MMHE, a constituent of the FTSE4Good Index Series, has established its ESG framework, broadly in line with its parent company’s (MISC, PETRONAS) & is comparatively ahead of the majority of MY O&G PLCs. It is in the midst of establishing its sustainability initiatives/targets-based strategic priorities, earmarked for publication in its next annual report. It has an earnings turnaround storyline, is cash-rich & undeservedly undervalued. Our TP is pegged to 0.8x EV/ order backlog of MYR1.2b.

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