[%Sghu%] 
Research by MIDF
Neutral - TP RM0.97

"Anticipating Stronger Progress Billings"

• Core earnings grew 2.4x in 2QFY24 to RM31.0m; within expectations
• Slower construction progress led to -17.0%yoy lower segment PBT of RM11.2m but margins improved from 4.9% to 6.0%
• Outstanding order book at RM3.15b; achieved 23.2% of FY24 replenishment target (RM2.0b)
• Maintain NEUTRAL with an unchanged TP of RM0.97

Analyst:
Royce Tan Seng Hooi
[%YQCB%]

$KLSE-WCT 
Research by MIDF
Neutral - TP RM0.97

"Anticipating Stronger Progress Billings"

• Core earnings grew 2.4x in 2QFY24 to RM31.0m; within expectations
• Slower construction progress led to -17.0%yoy lower segment PBT of RM11.2m but margins improved from 4.9% to 6.0%
• Outstanding order book at RM3.15b; achieved 23.2% of FY24 replenishment target (RM2.0b)
• Maintain NEUTRAL with an unchanged TP of RM0.97

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my