[%FwPj%] 
Research by RHB
SELL - TP of RM0.21

"Challenges Continue To Persist; SELL"

Maintain SELL with new MYR0.21 TP (from MYR0.24), 29% downside. FY23 core loss of MYR33.8m missed our estimate of MYR0.9m core earnings mainly due to higher-than-expected material prices and cost overruns. In the absence of frequent jobs or sizeable job wins, we deem valuations to be lofty, with the stock trading at 55x FY24F P/E, which is >+2SD from its 5-year mean P/E and the Bursa Malaysia Construction Index – this justifies our SELL call.

Analyst(s):
Cindy Lee 
+603 2302 8105
[%YcVT%]

Adam Bin Mohamed Rahim 
+603 2302 8101
[%uZRX%]

$KLSE-ADVCON 
Research by RHB
SELL - TP of RM0.21

"Challenges Continue To Persist; SELL"

Maintain SELL with new MYR0.21 TP (from MYR0.24), 29% downside. FY23 core loss of MYR33.8m missed our estimate of MYR0.9m core earnings mainly due to higher-than-expected material prices and cost overruns. In the absence of frequent jobs or sizeable job wins, we deem valuations to be lofty, with the stock trading at 55x FY24F P/E, which is >+2SD from its 5-year mean P/E and the Bursa Malaysia Construction Index – this justifies our SELL call.

Analyst(s):
Cindy Lee 
+603 2302 8105
cindy.chin.hui@rhbgroup.com

Adam Bin Mohamed Rahim 
+603 2302 8101
adam.mohamed.rahim@rhbgroup.com

$ADVCON / 5281 (ADVANCECON HOLDINGS BERHAD)