MGB: Good Start (MLG MK, Outperform, TP: RM0.78)

MGB reported a higher net profit of RM14.1m in 1QFY26 (+19.0% YoY), mainly driven higher margins achieved due to cost optimisations. The results were within our and consensus estimates however, representing 28.0% and 29.9% of our and consensus full-year forecasts.

MGB

The outlook for the Group remains resilient, underpinned by its outstanding construction orderbook of approximately RM1.25bn and unbilled sales of RM0.40bn from on-going property development projects.

“We keep our earnings forecast unchanged and retain our Outperform call with an unchanged SOTP-derived TP of RM0.78,” says PIB..

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