[%vjBw%] 
Research by RHB
Buy – TP of MYR 0.50

“A Temporary Blip Before Catalysts Emerge; Stay BUY” 

Keep BUY with new MYR0.50 TP (from MYR0.48), 41% upside, c.3% yield. Gabungan AQRS’ 15MFY24 (Jun) core profit of MYR32m missed our estimates – accounting for 76% of our 18-month FY24 projections. The negative deviation was due to the weaker-than-expected construction segment. Aside from the track record in previous infrastructure rail projects, 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
[%vtvN%]

$KLSE-GBGAQRS 
Research by RHB
Buy – TP of MYR 0.50

“A Temporary Blip Before Catalysts Emerge; Stay BUY” 

Keep BUY with new MYR0.50 TP (from MYR0.48), 41% upside, c.3% yield. Gabungan AQRS’ 15MFY24 (Jun) core profit of MYR32m missed our estimates – accounting for 76% of our 18-month FY24 projections. The negative deviation was due to the weaker-than-expected construction segment. Aside from the track record in previous infrastructure rail projects, 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