AI Summary
Cahya Mata Sarawak's (CMS) first-half 2025 profits fell short of expectations, reaching RM52.4 million, only 35% of Maybank Research's full-year forecast. A reported net loss of RM11.3 million in Q2 2025 was offset by excluding unrealised forex losses. Lower contributions from associates like SACOFA and Kenanga IB, impacted by regulatory changes and subdued capital markets, contributed to the shortfall. Prolonged rain in Sarawak also negatively affected cement, oiltools, and joint ventures. Despite this, Maybank Research maintains its earnings estimates and target price, pending further updates from CMS.
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