[%BJYT%]
Research by Apex
Buy - TP RM0.76

"Returned to normalcy"

• 2QFY24 core net profit jumped 121.9% yoy to RM241.5m and 1HFY24 core net profit at RM508.1m (+57.6% yoy) came in line at 51.9% of our expectations and slightly ahead at 60.6% of consensus forecast.
• Earnings sustainability will be backed by orderbook at RM12.1bn with potential extension of RM10.9bn on the cards to keep the Group busy till 2035.
• Kept our earnings forecast unchanged and maintained BUY recommendation with unchanged target price of RM0.76 by pegging 0.6x P/B ratio (2Y historical mean) to its BVPS of RM1.26 in FY25F.

Analyst:
Team Coverage
[%VMUv%]

$KLSE-ARMADA
Research by Apex
Buy - TP RM0.76

"Returned to normalcy"

• 2QFY24 core net profit jumped 121.9% yoy to RM241.5m and 1HFY24 core net profit at RM508.1m (+57.6% yoy) came in line at 51.9% of our expectations and slightly ahead at 60.6% of consensus forecast.
• Earnings sustainability will be backed by orderbook at RM12.1bn with potential extension of RM10.9bn on the cards to keep the Group busy till 2035.
• Kept our earnings forecast unchanged and maintained BUY recommendation with unchanged target price of RM0.76 by pegging 0.6x P/B ratio (2Y historical mean) to its BVPS of RM1.26 in FY25F.

Analyst:
Team Coverage
research.dept@apexsecurities.com.my