[%TLHp%] 
Research by MIDF
Maintain Buy - Revised TP of RM2.07

"Ending FY23 on A Strong Note"

• Core earnings improved +89.9% to RM26.3m in FY23 on the back of stronger revenue of +21.7% to RM471.0m 
• Stronger bottom line lifted by both engineering and manufacturing business segments 
• Outstanding order book stands at over RM550m with earnings visibility up to FY25; current active tender book of more than RM290m 
• Maintain BUY with an upgraded TP of RM2.07

Analyst(s):
Royce Tan Seng Hooi 
[%LmBw%]

$KLSE-KKB 
Research by MIDF
Maintain Buy - Revised TP of RM2.07

"Ending FY23 on A Strong Note"

• Core earnings improved +89.9% to RM26.3m in FY23 on the back of stronger revenue of +21.7% to RM471.0m 
• Stronger bottom line lifted by both engineering and manufacturing business segments 
• Outstanding order book stands at over RM550m with earnings visibility up to FY25; current active tender book of more than RM290m 
• Maintain BUY with an upgraded TP of RM2.07

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