[%WeWL%]
Research by TA
Hold – TP RM0.51

“Improving Outlook Ahead"

We left our recent productive meeting with TRC feeling reassured about its near-term outlook. Key takeaways are as follows:- (i) improved earnings visibility backed by a growing orderbook, (ii) a strong candidate for winning mega-infrastructure projects, and (iii) a competitive edge stemming from a healthy balance sheet. We upgrade our recommendation to Hold with a higher TP of RM0.51, based on 11x CY25 EPS.

Analyst:
Raymond Ng Ing Yeow  
[%jZTY%]

$KLSE-TRC
Research by TA
Hold – TP RM0.51

“Improving Outlook Ahead"

We left our recent productive meeting with TRC feeling reassured about its near-term outlook. Key takeaways are as follows:- (i) improved earnings visibility backed by a growing orderbook, (ii) a strong candidate for winning mega-infrastructure projects, and (iii) a competitive edge stemming from a healthy balance sheet. We upgrade our recommendation to Hold with a higher TP of RM0.51, based on 11x CY25 EPS.

Analyst:
Raymond Ng Ing Yeow  
raymondng@ta.com.my