[%iOJj%] 
Research by RHB
Buy - TP RM0.53

"Solidly Outpacing Projections; Stay BUY"

Stay BUY, new MYR0.53 TP from MYR0.50, 58% upside with 3% FY25F (Jun) yield. Gabungan AQRS’ 18MFY24 (Jun) core profit of MYR43.7m beat our estimates, accounting for 115% and 112% of our and Street full-year projections. The positive deviation was due to the stronger-than-expected construction segment. Aside from its track record in previous infrastructure rail projects, its property project in Johor Bahru – The Peak (GDV: MYR603m) – may enjoy further visibility due to its proximity with the Johor Bahru-Singapore Rapid Transit System (RTS) Link station.

Analyst:
Adam Bin Mohamed Rahim
[%PEBo%]

$KLSE-GBGAQRS 
Research by RHB
Buy - TP RM0.53

"Solidly Outpacing Projections; Stay BUY"

Stay BUY, new MYR0.53 TP from MYR0.50, 58% upside with 3% FY25F (Jun) yield. Gabungan AQRS’ 18MFY24 (Jun) core profit of MYR43.7m beat our estimates, accounting for 115% and 112% of our and Street full-year projections. The positive deviation was due to the stronger-than-expected construction segment. Aside from its track record in previous infrastructure rail projects, its property project in Johor Bahru – The Peak (GDV: MYR603m) – may enjoy further visibility due to its proximity with the Johor Bahru-Singapore Rapid Transit System (RTS) Link station.

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