[%UZqa%] 
Research by RHB
Not Rated – TP N/A

“Ceasing Coverage” 

We are ceasing coverage on Advancecon due to a reallocation of internal resources. Our last call was SELL with a TP of MYR0.21. 1Q24 results were underwhelming.ADVC reported a net loss of MYR14.5m (1Q23: +MYR0.2m), no thanks to the extension of time to complete the West Coast Expressway and East Coast Rail Link projects, which led to cost overruns. All segments were in the red except for the quarry business (PBT: MYR3.7m), which was due to one-off non-operating gains on the disposal of quarry assets amounting MYR4.6m – indicating an operational loss of MYR0.9m.

Analyst(s):
Cindy Lee
[%WlWM%]
Adam Bin Mohamed Rahim
[%IcXd%]

$KLSE-ADVCON 
Research by RHB
Not Rated – TP N/A

“Ceasing Coverage” 

We are ceasing coverage on Advancecon due to a reallocation of internal resources. Our last call was SELL with a TP of MYR0.21. 1Q24 results were underwhelming.ADVC reported a net loss of MYR14.5m (1Q23: +MYR0.2m), no thanks to the extension of time to complete the West Coast Expressway and East Coast Rail Link projects, which led to cost overruns. All segments were in the red except for the quarry business (PBT: MYR3.7m), which was due to one-off non-operating gains on the disposal of quarry assets amounting MYR4.6m – indicating an operational loss of MYR0.9m.

Analyst(s):
Cindy Lee
cindy.chin.hui@rhbgroup.com
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

$ADVCON / 5281 (ADVANCECON HOLDINGS BERHAD)