Gadang Holdings (GADG MK, BUY, TP: MYR3.50)
A Buying Opportunity
Company Update
We believe the recent selldown provides a good opportunity to accumulate the stock at forward P/E of <7x vs the peer average (in low teens). We upgrade the stock to BUY with unchanged SOP-based TP of MYR3.50 (39% upside). Apart from strong medium-term earnings visibility, it has also laid foundation for the longer term. Mega construction job wins and its ongoing corporate exercise may boost sentiment on the stock.
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