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