How fair is RM835mil?
WE were earlier neutral on Malakoff’s (RM4.86) announcement of its proposal to acquire a 90% stake in SKS Power for RM835mil cash (please see Archive). On the other hand, the market did not take the news well, as seen in the recent under-performance of the share price. This, coupled with our latest positive findings, has led us to upgrade our valuation and recommendation for Malakoff.
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