(AQRS MK/BUY/RM1.68/Target: RM2.09)

GAQRS’ corporate restructuring exercise undertaken last year has significantly boosted its near-term earnings growth potential. The group is also well positioned to benefit from the roll-out of new rail-related infrastructure jobs, including LRT3 and ECRL given its strong relationships. Today, its orderbook stands at a whopping RM1.7b, and is expected to soar in the near term. Initiate coverage with BUY and a target price of RM2.09, based on a 15x PE multiple to our 2018F EPS.

Source: UOB Kay Hian Research - 17 Aug 2017