Gabungan Aqrs Berhad

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
Research Report by RHB

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
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

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - YM TUNKU ALIZAN BIN RAJA MUHAMMAD ALIAS

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
Research by RHB
Buy – TP of MYR 0.50

“A Temporary Blip Before Catalysts Emerge; Stay BUY”

Keep BUY with new MYR0.50 TP (from MYR0.48), 41% upside, c.3% yield. Gabungan AQRS’ 15MFY24 (Jun) core profit of MYR32m missed our estimates – accounting for 76% of our 18-month FY24 projections. The negative deviation was due to the weaker-than-expected construction segment. Aside from the track record in previous infrastructure rail projects, the group’s property project in Johor Bahru, The Peak (GDV: MYR603m), may see further visibility due to its proximity with the Johor Bahru-Singapore Rapid Transit System Link (RTS Link) station.

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

Consolidated results for the financial period ended 31/03/2024

OTHERSGABUNGAN AQRS BERHAD (GBGAQRS or the Company)
- Application for Extension of Time to hold the 14th Annual General Meeting to be held in year 2024 pursuant to Section 340 of the Companies Act 2016

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONSGABUNGAN AQRS BERHAD (GBGAQRS) - RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

MATERIAL LITIGATIONGabungan AQRS Berhad (GBGAQRS Or the Company)
- Shah Alam High Court Civil Suit No. BA-22NCvC-342-09/2020 between the Company and Trusvest Sdn Bhd (the Plaintiffs) and Mr Bernard Lim Soon Chiang (Defendant)

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
Research by RHB
Buy (Maintained) – TP of MYR0.48

“Key Drivers Intact For Better Growth; Stay BUY”

Stay BUY, TP rises to MYR0.48 from MYR0.43, 37% upside with c.3% yield. Gabungan AQRS’ 12MFY24 (Jun) core profit of MYR28m (+5% YoY) met our estimate, at 66% of our 18-month FY24 projection. The group’s track record for Mass Rapid Transit 1 and Light Rail Transit 3 (LRT3) may putit in a strong position to win upcoming rail projects as a sub-contractor. The group’s property project in Johor Bahru, The Peak (GDV: MYR603m), may see further visibility due to its proximity with the Johor Bahru-Singapore Rapid Transit System Link (RTS Link) station.

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

Consolidated results for the financial period ended 31/12/2023

@portoftheyear

KLSE-TGUAN 20%, $MYNEWS / 5275 (MYNEWS HOLDINGS BERHAD) 10%, $INARI / 0166 (INARI AMERTRON BERHAD) 20%,$KOTRA / 0002 (KOTRA INDUSTRIES BERHAD) 20%, $GBGAQRS / 5226 (GABUNGAN AQRS BERHAD) 20% & $ARMADA / 5210 (BUMI ARMADA BERHAD) 10%

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
Research by RHB
Buy (Maintain) – Target Price RM0.43

“Prospects Intact Despite Temporary Blip; Stay BUY”

BUY, MYR0.43 TP, 28% upside with 3% FY25F yield. Gabungan AQRS’ 9M24 core profit of MYR21m (-0.4% YoY) made up only 42% of our 18- month FY24 projection. The negative deviation was due to lower-than expected construction earnings. Plans to ease conditions of the “Malaysia My Second Home” scheme may underpin unit sales of its property project, The Peak, in Johor – which would be a key earning drivers post-Light Rail Transit 3 (LRT3) in CY24/CY25, given its proximity to the Johor Bahru Singapore Rapid Transit System Link (RTS Link) station in Bukit Chagar.

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

Consolidated results for the financial period ended 30/09/2023

Changes in Director's Interest (Section 219 of CA 2016) - YM TUNKU ALIZAN BIN RAJA MUHAMMAD ALIAS (Amended Announcement)

Changes in Director's Interest (Section 219 of CA 2016) - YM TUNKU ALIZAN BIN RAJA MUHAMMAD ALIAS

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - YM TUNKU ALIZAN BIN RAJA MUHAMMAD ALIAS

Notice of Person Ceasing (Section 139 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Notice of Interest Sub. S-hldr (Section 137 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

29/8 Ranhill finally come after 1 week of torturing haha.. however I consider getting flush out as I dislike the momentum being form for the past few day so exited at 0.625 (at no loss) but later on it surge up to 0.65 again.
28/8 spotted a momentum stock $GBGAQRS / 5226 (GABUNGAN AQRS BERHAD) and bought it at 0.34 today fly and tp 0.37 for 8% ROI.
current holding: Edelteq, MKH, Fajar, Swift.

A catalyst for Gabungan AQRS Bhd will be the rollout of the remaining phase of the Pan Borneo Highway Sabah, which is expected to benefit its 49%-owned precast business Sedco Precast.

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
Research by RHB
Buy (Maintain) – Target Price RM0.43

“Slowly But Surely; Keep BUY”

Keep BUY, with new MYR0.43 TP from MYR0.40, 33% upside and c.3% FY24F (Jun) yield. 6M24 core profit of MYR14m (-0.4% YoY) missed estimates – accounting for 24% of our 18-month FY24F. The negative deviation was from higher-than-expected cost of sales. The potential review of the “Malaysia My Second Home” programme may underpin unit sales of its property project, The Peak, in Johor Bahru – serving as a key earnings driver post-Light Rail Transit 3 (LRT3) in CY24-25.

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

$GBGAQRS / 5226 (GABUNGAN AQRS BERHAD)
Research by MIDF
Buy (Maintain) – Target Price RM0.37

“Dragged by LAD but Order Book Remains Sizeable”

Maintain BUY. Based on the group’s outstanding construction order book, unbilled property sales and upcoming launches, AQRS has about RM1.5b in future gross revenue that can be recognised up to CY25F. With the recently concluded state elections, we can expect the government to focus more on rolling out necessary development and infrastructure projects, including the construction and rehabiliatation of government buildings and schools, which are within AQRS’ scope of expertise. All factors considered, we maintain our BUY recommendation on AQRS.

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

Consolidated results for the financial period ended 30/06/2023

eh $NAIM / 5073 (NAIM HOLDINGS BERHAD) & $GBGAQRS / 5226 (GABUNGAN AQRS BERHAD) got action...