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MMHE’s ESG roadmap and Sustainalytics scorecard are the most comprehensive and progressive among its MY fabrication peers. Conversely, Favelle’s framework is the least preferred while SAPE’s sits in between these two. Overall, we expect ESG progress over the next 12 months, for none has yet to establish a baseline target, clear climate goals aspiration and decarbonisation roadmap. We have a BUY call on MMHE. It has an earnings turnaround storyline, is cash-rich and undeservedly undervalued.

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