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For Q3, Dengkil reported revenue of RM40.6 million, a decline from RM48 million compared to Q2, mainly due to lower contributions from the construction segment as projects neared completion, and reduced trading activity after a major customer project ended. PAT came in at RM2.1 million, but after adjusting for one-off IPO listing expenses, core PAT stood at RM2.9 million — comparable to the RM3.4 million recorded in the previous quarter.
RHB ascribe 25x CY25E P/E to derive a FV of MYR0.35. The ascribed P/E is above the global IVF service provider average of 21x, premised on ALPHA’s superior margin profile and its opportunity to ride on the trend of declining birth rates in key operating markets, ie Malaysia and Singapore.