Malayan Cement (LMC MK) (Buy) - Cementing its position, poised for growth

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Malayan Cement (LMC MK) (Buy) - Cementing its position, poised for growth

Global Markets Research

Malayan Cement MALY.KL LMC MK 13 July 2026

EQUITY: CONSTRUCTION MATERIALS

RatingCementing its position, poised for growth From Suspended Buy

Target priceEmerging catalysts in place; riding industry tailwinds; From N/A MYR 9.02

initiate coverage at Buy with a TP of MYR9.02

Closing price MYR 6.14 9 July 2026A fully integrated cement company with dominant presence in Peninsular Malaysia

Malayan Cement (MCB) is a major cement supplier (~60%+ market share) in Peninsular Malaysia, Implied upside +46.9%and is the domestic operating arm of YTL Cement (unlisted), with a total annual cement capacity of

~20mn mt. The company is engaged in the production, manufacturing and trading of cement, Market Cap (USD mn) 2,108.3

clinker, ready-mix concrete and other building materials and related products, with key reporting ADT (USD mn) 2.5

segments spanning cement, aggregates and concrete, alongside dry-mix and environmental

solutions. MCB’s operational footprint comprises four integrated cement plants, four grinding

facilities, three cement terminals, two depots, and over 50 ready-mix concrete batching plants. It Relative performance chart

primarily serves markets across Peninsular Malaysia (95% of FY25 revenue) and Singapore, with

an extensive logistics network of >1,500 trucks covering >120,000km daily and >2,000 employees.

Investment thesis: Riding the cement cycle upturn amid structural tailwinds

MCB is capitalizing on a favourable phase as Malaysia’s cement cycle improves, underpinned by a

recovery in the property sector driven by rising industrial, commercial and residential developments

across the country. Near-term demand visibility is strengthened by continued investments in data