(AQRS MK/BUY/RM1.92/Target: RM2.22)

Gabungan AQRS joined us for a non-deal roadshow in Singapore. Key discussions centred on its past transformation plans and future growth plans, including targets to secure ECRL, Sabah portion of the Pan Borneo Highway and HSR jobs. The group shared that it is well-positioned to potentially be a key supplier of precast products for the Sabah highway project, worth RM2b. On MRT1 VOs, expect an imminent favourable outcome. Maintain BUY and target price of RM2.22.

Source: UOB Kay Hian Research - 16 Nov 2017