Shares of Malaysian Resources Corporation Bhd (MRCB) slipped 1.5% in late morning trade on Monday, with investors continuing to monitor progress on its Light Rail Transit 3 (LRT3) project and future rail infrastructure opportunities.
As at 11.05am, MRCB was down 0.5 sen to 33 sen, with 61.87 million shares traded. The stock opened at 34 sen, reaching an intraday high of 34.5 sen before easing to its current level.
The counter traded between a buying price of 33 sen and selling price of 33.5 sen, with a market capitalisation of around RM1.5 billion.
RHB Investment Bank Bhd (RHB Research) maintained its BUY call on MRCB with an unchanged target price of 51 sen, implying around 55% upside, supported by the group’s exposure to LRT3, transit-oriented development opportunities and potential future rail contracts.
The research house said MRCB’s RM2.5 billion LRT3 contract awarded in February 2025, covering five reinstated stations, two electric vehicle bus depots and related rail infrastructure works, is expected to support earnings growth.
RHB Research said works for the reinstated stations are expected to begin in the third quarter of 2026 following the notice to proceed received in the first half of the year, which should contribute to stronger progress billings for MRCB’s construction division towards the end of 2026.
The brokerage also highlighted the RM2.9 billion Shah Alam Sports Complex project and potential transit-oriented developments along the LRT3 corridor as additional earnings drivers, while future rail opportunities such as the Penang LRT and MRT3 remain key catalysts.
