Company Update � Gabungan AQRS (BUY, upgrade)

Top Calls

Company Update � Gabungan AQRS (BUY, upgrade) - Affordable housing focus We upgrade our call on Gabungan AQRS (GAQRS) to a BUY from Sell previously and revise up our target price (TP) to RM1.20 from RM0.70. We believe prospects for GAQRS to grow its construction order book and property development activities have improved. New CEO Dato� Azizan Jaafar is driving the group�s future growth by participating in various state governments� affordable housing projects. We upgrade our FY16E EPS by 22% to reflect potential land sale gains.

Other Calls

Economy � CPI - Headline inflation improves further to 2.1% yoy in April

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