After receiving 5.66 m RHB shares(DRP price RM4.88 per share), OSK's RHB total shares(10.27% stake) is 447.768m shares, multiply by mv 5.50=RM 2.463 billion which is worth RM1.17 per OSK share,the mkt only value osk biz at 0.50 per share

Just receive the awesome dividend at 12.25pm, superb

Mahsing par value is only 0.50, that means its real share price is 2.72, if osk can reach that price= mountain of cash

PE 10× or RM2.20 is a fair target price

they have the mandate to buy

once included in msci, foreign investor can buy this stock

OSK will be included in MSCI index effective 31 May 2024

FY2023 EPS 0.22, Even PE 10× RM2.20 is not expensive as average property sector PE 15X

In 4Q23, there was sizeable amount of project with GDV of RM745m that have obtsined Certificate of Completion. Any cost provisions that were made for these projects but was not incurred were subjected to tax resulting in higher taxation during the quarter. Nonetheless, the accounting profits from these cost savings have yet to be rexognized pending finalisation of project accounts with the contractor which usually take between 6 to 12 months after Certificate of Completion

Noted from Hong Leong IB report dated 6 May, the huge tax rate of 40% in 4Q23 is due to timing difference between tax and accounting profit, just fyi