[%sBqk%] 
Research by CGS
Add – TP of MYR 0.61

“New job awards in Malaysia to accelerate, easing competition & raising pricing power” 

We reiterate Add. We believe our thesis of Econpile being a beneficiary of the incoming infrastructure and data centre boom is intact. It remains one of the few remaining local players capable of completing technically-demanding piling jobs. Our TP of RM0.61 is based on a 0.5x CY24F PEG and implies 19.1x CY25F P/E (2014-18 pre-Covid mean).

Analyst(s):
CHONG Tjen-San, CFA
[%qPZZ%]

$KLSE-ECONBHD 
Research by CGS
Add – TP of MYR 0.61

“New job awards in Malaysia to accelerate, easing competition & raising pricing power” 

We reiterate Add. We believe our thesis of Econpile being a beneficiary of the incoming infrastructure and data centre boom is intact. It remains one of the few remaining local players capable of completing technically-demanding piling jobs. Our TP of RM0.61 is based on a 0.5x CY24F PEG and implies 19.1x CY25F P/E (2014-18 pre-Covid mean).

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

$ECONBHD / 5253 (ECONPILE HOLDINGS BERHAD)