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Research by RHB
Not Rated – TP RM0.58

“Not Short Of Job Opportunities"

MYR0.58 FV based on SOP valuation. We envisage Gadang to be in the sweet spot to secure more jobs (especially infrastructure) in light of the anticipated project roll outs by the Government. Future earnings will be anchored by its strong focus in government jobs, property projects in Selangor and Johor, and recurring income from its utilities arm. In light of these factors, we view its valuation as undemanding – trading at 15.6x FY25F P/E vs the Bursa Malaysia Construction Index’s forward P/E of c.19x.

Analyst:
Adam Bin Mohamed Rahim
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$KLSE-GADANG
Research by RHB
Not Rated – TP RM0.58

“Not Short Of Job Opportunities"

MYR0.58 FV based on SOP valuation. We envisage Gadang to be in the sweet spot to secure more jobs (especially infrastructure) in light of the anticipated project roll outs by the Government. Future earnings will be anchored by its strong focus in government jobs, property projects in Selangor and Johor, and recurring income from its utilities arm. In light of these factors, we view its valuation as undemanding – trading at 15.6x FY25F P/E vs the Bursa Malaysia Construction Index’s forward P/E of c.19x.

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com