9MFY6/21 core net profit of RM23.3m (+110% yoy) was above expectations. AWC’s estimated orderbook stands at RM924m (up to end-CY25F), post securing RM250m worth of new contracts in 9MFY21. Reiterate Add, with a higher TP of RM0.79 (9.6x CY22F P/E).
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