[%wguW%] 
Research by Public
Outperform – TP RM0.86

"Picking Up Speed”

Despite the slow start in the beginning of the year, QES Group posted a strong earnings growth in the second quarter, bringing 1HFY24 core profit to RM8.5m(YoY: -5.5%), which made up 38.2% and 40.6% of our and consensus’ full-year earnings forecasts, respectively. Underpinned by the strong orderbook of RM103m, we expect to see stronger earnings momentum in the second half. Maintain Outperform with an unchanged TP of RM0.86 based on 26x FY25 EPS. No dividend was declared for the quarter. 

Analyst:
Chong Hoe Leong
[%tkax%]

$KLSE-QES 
Research by Public
Outperform – TP RM0.86

"Picking Up Speed”

Despite the slow start in the beginning of the year, QES Group posted a strong earnings growth in the second quarter, bringing 1HFY24 core profit to RM8.5m(YoY: -5.5%), which made up 38.2% and 40.6% of our and consensus’ full-year earnings forecasts, respectively. Underpinned by the strong orderbook of RM103m, we expect to see stronger earnings momentum in the second half. Maintain Outperform with an unchanged TP of RM0.86 based on 26x FY25 EPS. No dividend was declared for the quarter. 

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my