Gabungan AQRS

Re: Gabungan AQRS

Postby winston » Mon Jun 29, 2020 9:46 am

not vested

Gabungan AQRS (AQRS MK)
1Q20: Broadly In Line


GAQRS’ 1Q20 results came in broadly in line, at 13% of our full-year forecast.

1Q20 net profit dropped 65% yoy due to the MCO which led to lower billings at both the
construction and property arms.

GAQRS expects 2H20 earnings to improve from the low base in 1H20 on accelerated billings from the LRT3 and unbilled sales.

Meanwhile, GAQRS is upbeat about clinching civil works jobs of the upcoming ECRL slated for
2H20.

Maintain BUY with a lower target price of RM1.16.

Source: UOBKH

https://research.uobkayhian.com/content ... d9b17167a2
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Gabungan AQRS

Postby winston » Tue Aug 11, 2020 11:51 am

not vested

Gabungan AQRS (AQRS MK)
Preservation During Uncertainty


GAQRS is upbeat on delivering strong net operating cashflow of ~RM600m during 2020-24, driven from its outstanding orderbook, with improving prospects of monetising its property development projects.

Meanwhile, the selective tendering for new contracts would further strengthen its cashflow.

Maintain BUY and target price of RM1.16.

Source: UOBKH

https://research.uobkayhian.com/content ... 2250321b09
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Gabungan AQRS

Postby winston » Tue Feb 09, 2021 9:45 am

not vested

Gabungan AQRS (AQRS MK)
Too Cheap To Ignore


GBGAQRS is trading at a trough valuation of 6.6x 2021F PE, a significant discount
compared to its 3-year historical mean (12.6x PE) and KL Construction Index (12.5x PE).

We believe the selling is overdone.

The MCO 2.0 impact is likely to be minimal and we expect earnings to recover starting 1H21 as progress billings pick up.

Its outstanding orderbook remains healthy at RM1.4b.

Maintain BUY at reduced target price of RM0.80

Source: UOBKH

https://research.uobkayhian.com/content ... 27f42920a1
(from RM0.86).
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Gabungan AQRS

Postby winston » Mon Jun 21, 2021 9:56 am

not vested

Gabungan AQRS (AQRS MK)
1Q21: Reopening Delay Derails Recovery Timeline


GBGAQRS’ 1Q21 results were below our and consensus expectations with a core net
profit of RM4.5m.

The company’s expected earnings recovery is now delayed to 1Q22 due to the reimposition of the total lockdown.

Progress billings and property sales are expected to continue to be affected until the economy fully reopens.

The company’s RM1.3b (3x revenue cover) outstanding orderbook will help it to weather the challenging time.

Downgrade to HOLD with a lower target price of RM0.650.

Source: UOBKH

https://research.uobkayhian.com/content ... a9c9d0f8b6
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Gabungan AQRS

Postby winston » Wed Oct 20, 2021 10:36 am

not vested

Gabungan AQRS (AQRS MK)
Reducing Reliance On Government Projects


GAQRS is in negotiations to finalise new property development JVs with a combined
GDV of RM400m.

Should the company manage to secure these two new projects, it would reduce its reliance on the government’s project and provide better earnings visibility.

Based on our estimate, the property division’s earnings contribution could increase to 35-45% in the next two years.

Upgrade to BUY with a higher target price of RM0.67, on the back of a robust earnings recovery in 2022.

Source: UOBKH

https://research.uobkayhian.com/content ... 31b817cd06
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Gabungan AQRS

Postby winston » Thu Feb 10, 2022 9:38 am

not vested

Gabungan AQRS (AQRS MK)
2022 Offers A Brighter Outlook


GAQRS is expected to see a meaningful recovery in 2022 on the back of improved
progress billings and property sales.

The growth recovery is expected to be exponential from 2H22 onwards, driven by the LRT3 project.

E’Island development has reached over 70% take-up rate.

GAQRS is in negotiation to finalise new property development JVs with a combined GDV of RM400m.

Its RM1.1b (3x revenue cover) outstanding orderbook can last three years.

Maintain BUY. Target price: RM0.67.

Source: UOBKH

https://research.uobkayhian.com/content ... 73f34ff380
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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