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Research by CGS
Add (no change) – TP RM1.31

“MRT 3 PMC recognition ongoing"

■ 1Q24 results met expectations. Its project management consultancy (PMC) revenue was up 22% yoy despite the MRT 3 civil works award delays.
■ We believe earnings delivery in FY24F will hinge on its ability to clinch key contracts by 2H24F, given the lack of clarity on MRT 3 civil works awards.
■ Reiterate Add with an unchanged DCF-derived TP of RM1.31.

Analyst:
CHONG Tjen-San, CFA
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$KLSE-HSSEB
Research by CGS
Add (no change) – TP RM1.31

“MRT 3 PMC recognition ongoing"

■ 1Q24 results met expectations. Its project management consultancy (PMC) revenue was up 22% yoy despite the MRT 3 civil works award delays.
■ We believe earnings delivery in FY24F will hinge on its ability to clinch key contracts by 2H24F, given the lack of clarity on MRT 3 civil works awards.
■ Reiterate Add with an unchanged DCF-derived TP of RM1.31.

Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com