Thursday, August 4, 2016

Company Update � Gabungan AQRS (BUY, maintain)

Top Calls

Company Update Gabungan AQRS (BUY, maintain)

- Contracts expected to increase

We believe Gabungan AQRS (GAQRS) is in a strong position to win new contracts due to its strong working relationships with Tanah Makmur Bhd (TMB) and Syarikat Muhibbah Perniagaan & Pembinaan (SMPP). We raise our FY17-18 earnings forecasts by 15-17% on increased new-contract assumptions. We reiterate our BUY call with a higher target price of RM1.38, based on a 10% discount to RNAV.

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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