Valuations. We maintain our TP of RM4.71, based on 22x FY25F PER, which is in-line with our valuation for big cap construction companies, i.e. GAMUDA (OP; TP: RM9.20 ) and IJM (MP; TP: RM3.16 ). Our TP also includes a 5% premium to reflect a 4-star ESG rating as appraised by us (see Page 4).