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.
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