[%NQsk%] 
Research by RHB
Buy (Maintained) – TP of MYR0.48

“Key Drivers Intact For Better Growth; Stay BUY”

Stay BUY, TP rises to MYR0.48 from MYR0.43, 37% upside with c.3% yield. Gabungan AQRS’ 12MFY24 (Jun) core profit of MYR28m (+5% YoY) met our estimate, at 66% of our 18-month FY24 projection. The group’s track record for Mass Rapid Transit 1 and Light Rail Transit 3 (LRT3) may putit in a strong position to win upcoming rail projects as a sub-contractor. The group’s property project in Johor Bahru, The Peak (GDV: MYR603m), may see further visibility due to its proximity with the Johor Bahru-Singapore Rapid Transit System Link (RTS Link) station. 

Analyst(s):
Adam Bin Mohamed Rahim
[%iqlQ%]

$KLSE-GBGAQRS 
Research by RHB
Buy (Maintained) – TP of MYR0.48

“Key Drivers Intact For Better Growth; Stay BUY”

Stay BUY, TP rises to MYR0.48 from MYR0.43, 37% upside with c.3% yield. Gabungan AQRS’ 12MFY24 (Jun) core profit of MYR28m (+5% YoY) met our estimate, at 66% of our 18-month FY24 projection. The group’s track record for Mass Rapid Transit 1 and Light Rail Transit 3 (LRT3) may putit in a strong position to win upcoming rail projects as a sub-contractor. The group’s property project in Johor Bahru, The Peak (GDV: MYR603m), may see further visibility due to its proximity with the Johor Bahru-Singapore Rapid Transit System Link (RTS Link) station. 

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