Stock Digest - MYMBN Berhad - Trusted Processor for Superior Edible Bird Nest Products

MYMBN processes and exports EBN products to the PRC (c.98%) and we believe its expansion plans of (i) expanding its processing facility, (ii) venture into China for the RCEBN products, (iii) the export of RUCEBN products in Vietnam could materialise in the next 2 years, which will be earnings accretive. We project the core earnings to grow by 17-19% to RM5.9-6.9m for FY23-24f underpinned by recovery in China demand. MYMBN is valued by ascribing a P/E of 15x pegged to 1.8 sen FY24f EPS, leading to a fair value of RM0.27.

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