[%CwGe%] 
Research by RHB
Buy (Maintain) – Target Price RM0.43

“Prospects Intact Despite Temporary Blip; Stay BUY”

BUY, MYR0.43 TP, 28% upside with 3% FY25F yield. Gabungan AQRS’ 9M24 core profit of MYR21m (-0.4% YoY) made up only 42% of our 18- month FY24 projection. The negative deviation was due to lower-than expected construction earnings. Plans to ease conditions of the “Malaysia My Second Home” scheme may underpin unit sales of its property project, The Peak, in Johor – which would be a key earning drivers post-Light Rail Transit 3 (LRT3) in CY24/CY25, given its proximity to the Johor Bahru Singapore Rapid Transit System Link (RTS Link) station in Bukit Chagar.

Analyst:
Adam Bin Mohamed Rahim 
[%OjvB%]

$KLSE-GBGAQRS 
Research by RHB
Buy (Maintain) – Target Price RM0.43

“Prospects Intact Despite Temporary Blip; Stay BUY”

BUY, MYR0.43 TP, 28% upside with 3% FY25F yield. Gabungan AQRS’ 9M24 core profit of MYR21m (-0.4% YoY) made up only 42% of our 18- month FY24 projection. The negative deviation was due to lower-than expected construction earnings. Plans to ease conditions of the “Malaysia My Second Home” scheme may underpin unit sales of its property project, The Peak, in Johor – which would be a key earning drivers post-Light Rail Transit 3 (LRT3) in CY24/CY25, given its proximity to the Johor Bahru Singapore Rapid Transit System Link (RTS Link) station in Bukit Chagar.

Analyst:
Adam Bin Mohamed Rahim 
adam.mohamed.rahim@rhbgroup.com