PETALING JAYA: Conglomerate MMC Corp Bhd will likely be affected by the imminent change of business model in the Sabah Pan Borneo Highway project, RHB Research said in a note today.
“MMC has a 20% stake in the project, with Warisan Tarang holding 60% and UEM Group owning the remaining 20%. We value its stake at RM1.21 billion,” RHB said. The research house’s target price for the company is RM1.36, assuming the worst case, from RM1.37 previously. According to RHB, MMC’s outlook for its ports and logistics business is still good. While the engineering division may face near-term uncertainties, the ports unit’s net profit should enjoy double digit growth due to full-year contributions from Penang port in 2019.
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