Excerpt from Maybank Investment Bank Berhad report.

• Report Summary:
  • Cahya Mata Sarawak (CMS) reported 3Q25 and 9M25 earnings below expectations due to higher pre-operating costs in its phosphate segment and reduced oiltools activities, but the company is expected to see narrowing losses and possible profitability from the phosphate plant starting 4Q25 after resolving its electricity dispute.
  • Despite recent earnings misses, Maybank maintains its BUY rating and MYR1.66 target price for CMS, citing strong recovery prospects from cement, road maintenance, and property development, as well as the anticipated positive impact of major infrastructure projects in Sarawak.

Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank.com/investment-banking