AWC Berhad [%VAEv%] 
Research by CGS CIMB
ADD (no change); Target price: RM1.26; Upside: +70.9%

Robust showing to go on 
■ We reiterate our positive view on AWC post its FY18 analyst briefing held today. There were no major surprises. ■ We expect AWC to continue its strong earnings momentum into 2HFY19, with stronger contribution expected from facilities, engineering and rail divisions. ■ Maintain Add with an unchanged TP of RM1.26 (11.2x CY20 P/E).

Walter AW 
T (60) 3 2261 9093 
E [%wkhZ%]

AWC Berhad $KLSE-AWC 
Research by CGS CIMB
ADD (no change); Target price: RM1.26; Upside: +70.9%

Robust showing to go on 
■ We reiterate our positive view on AWC post its FY18 analyst briefing held today. There were no major surprises. ■ We expect AWC to continue its strong earnings momentum into 2HFY19, with stronger contribution expected from facilities, engineering and rail divisions. ■ Maintain Add with an unchanged TP of RM1.26 (11.2x CY20 P/E).

Walter AW 
T (60) 3 2261 9093 
E walter.aw@cimb.com