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Research by APEX
Buy – TP of MYR0.67

“Construction Outfit Flying Under the Radar”

Established construction player in the industry, primarily focuses on infrastructure projects, property development, and hotels in Melbourne, Australia. Core earnings is projected to accelerate from billings of current order book and anticipated strong replenishment. Additionally, in FY25F, TRC’s earnings will further boost by the launch of the property segment Ara Sentral Phase 2. TRC is valued by pegging its FY24F core EPS of 4.45 sen to PE of 15.0x, leading to a FV of RM0.67 (44% potential upside from current price).

Analyst(s):
Research Team
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$KLSE-TRC
Research by APEX
Buy – TP of MYR0.67

“Construction Outfit Flying Under the Radar”

Established construction player in the industry, primarily focuses on infrastructure projects, property development, and hotels in Melbourne, Australia. Core earnings is projected to accelerate from billings of current order book and anticipated strong replenishment. Additionally, in FY25F, TRC’s earnings will further boost by the launch of the property segment Ara Sentral Phase 2. TRC is valued by pegging its FY24F core EPS of 4.45 sen to PE of 15.0x, leading to a FV of RM0.67 (44% potential upside from current price).

Analyst(s):
Research Team
research.dept@apexsecurities.com.my