(KPG MK/BUY/RM3.18/Target: RM3.69)

Kerjaya’s 1Q17 net profit of RM28.9m came in well within our expectation, representing 23% of our full-year estimate. Ytd, the group has secured about RM316m worth of new construction jobs, vs its RM800m full-year target. We expect more contract wins in 2H17, driven by its tall tenderbook of RM1.8b. Maintain BUY with a target price of RM3.69, based on a 14x multiple to our 26.3 sen EPS estimate.

Source: UOB Kay Hian Research - 26 May 2017