Mega First Downgraded to HOLD as Oleo JV Remains in the Red
Mega First Corp has been downgraded to HOLD after analysts warned that the weaker US dollar is set to weigh on its earnings from the Don Sahong Hydropower Plant in Laos, which are USD-denominated. Estimates show a 2% EBIT decline for every 10-sen drop in the USD. The target price is set at RM3.95 per share.
Despite the currency impact, Mega First posted a 42.6% quarter-on-quarter rise in net profit to RM120.9 million in 3QFY25, driven by stronger output during the monsoon season. However, its Edenor Oleo joint venture remained loss-making due to persistent weak market conditions.
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