[%KkZc%] 
Research by MIDF
Buy (Maintain) – Target Price RM0.37

“Dragged by LAD but Order Book Remains Sizeable”

Maintain BUY. Based on the group’s outstanding construction order book, unbilled property sales and upcoming launches, AQRS has about RM1.5b in future gross revenue that can be recognised up to CY25F. With the recently concluded state elections, we can expect the government to focus more on rolling out necessary development and infrastructure projects, including the construction and rehabiliatation of government buildings and schools, which are within AQRS’ scope of expertise. All factors considered, we maintain our BUY recommendation on AQRS.

Analyst:
Royce Tan Seng Hooi 
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$KLSE-GBGAQRS 
Research by MIDF
Buy (Maintain) – Target Price RM0.37

“Dragged by LAD but Order Book Remains Sizeable”

Maintain BUY. Based on the group’s outstanding construction order book, unbilled property sales and upcoming launches, AQRS has about RM1.5b in future gross revenue that can be recognised up to CY25F. With the recently concluded state elections, we can expect the government to focus more on rolling out necessary development and infrastructure projects, including the construction and rehabiliatation of government buildings and schools, which are within AQRS’ scope of expertise. All factors considered, we maintain our BUY recommendation on AQRS.

Analyst:
Royce Tan Seng Hooi 
royce.tan@midf.com.my