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Muhibbah is a solid legacy engineering play with strong order books, but 45 cents is a decent entry if you are willing to sit through the slow construction cycle and cyclical profit margins for long-term recovery.
Muhibbah Engineering trading @ 0.515 as 23/7/26
* Attractive valuation as PE 4.9x / PB 0.27x
* High Dividend yield 6.8%
* Strong order book as 2.4billion (about 90% secure within recent 12 months)
* Cash 723m vs total borrowing 541m
* 30% own associate company - SCA/Cambodia Airport with NET CASH of EUR 323m (equal to RM 452m own by Muhibbah; which is not count in to the group’s cash balance)
