[%gpUz%] 
Research by CGS
ADD – TP RM1.70
"A pipeline of projects to boost orderbook”

■ We raise FY24F-26F EPS, and upgrade our rating to Add with TP of RM1.70.
■ Nationwide pipe replacement cycle, rollout of local infrastructure projects and
water supply schemes, and data centre buildouts are key re-rating catalysts.
■ Earnings delivery improving; venture into Sarawak opens up a new market. 

Analyst:
CHONG Tjen-San, CFA
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$KLSE-ENGTEX 
Research by CGS
ADD – TP RM1.70
"A pipeline of projects to boost orderbook”

■ We raise FY24F-26F EPS, and upgrade our rating to Add with TP of RM1.70.
■ Nationwide pipe replacement cycle, rollout of local infrastructure projects and
water supply schemes, and data centre buildouts are key re-rating catalysts.
■ Earnings delivery improving; venture into Sarawak opens up a new market. 

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