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Malakoff’s IPO price was RM1.80 in 2015. The institutional tranche of 1.28 billion shares was
oversubscribed by 13 times. As at 21st February 2020. The top 10 largest shareholders own
80.47% of the total shares issued- namely large institutional funds such as EPF and KWAP.

With the current low interest rate market environment and an uncertain global economic situation, Malakoff achieves the criteria of high growth profit prospects, high dividend yields, stability and
sustainability. The immense amount of intrinsic value seen now in Malakoff is beyond comparison from the period of 2015-2019

Dividend Yield

Current Dividend Per Share: 6.55 cents
Current Dividend Yield: 6.46%
Estimated Dividend Per Share TP: 7 cents
Estimated Dividend Yield at RM1.68 TP: 4.17%

Catalysts

• June 2020, competitive bidding for one gigawatt (GW) of solar plants worth RM4 billion
under Large Scale Solar (LSS) scheme 4 is open. Malakoff would be a beneficiary of the
scheme if bidding is successful.

• Alam Flora provides recurring income and visibility till 2033. Alam Flora’s FY18 net profit
was RM99.45 million. This will contribute positively to Malakoff’s upcoming financial
quarters. There may be increased demand for Alam Flora’s disinfection and sanitisation
services to curb Covid- 19. Further concession opportunities in locations such as Kelantan,
Terengganu and Labuan can be explored as well.

• Growth in renewable energy segment. Opportunities between Malakoff and Alam Flora to
develop waste-to-energy (WTE) projects.

• Stability in earnings as impairments on KEV has been made.

TP-1.68

https://klse.i3investor.com/blogs/Goldberg/2020-07-05-story-h1509745184-MALAKOF_CORP_BHD_A_High_Yielding_Undervalued_Stock.jsp
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