not vested
TCS — Growing orderbook in construction
Target price: RM0.70
Growing orderbook since July 2020 after listing having secured RM537.7 million new projects with a total outstanding orderbook of RM898.27m with earnings visibility for 3 years.
Proposed strategic acquisition of 25% stake in Southern Score Sdn Bhd (existing client in property development) for RM30 million via issuance of 60 million new shares at RM0.50. It comes with an aggregate profit of RM60 million over 3 years (RM5 million for TCS based on 25% stake).
Corporate exercise sweetener of one free warrant for every two shares
Tenderbook of over RM2 billion, with order book expected grow to over RM1 billion
Target price of RM0.70 based on 9 times price of earnings ratio FY21
Source: The Edge