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RHB slashes earnings forecasts on Advancecon amid stricter lockdown measures


RHB slashed FY21-23 earnings by 46%, 18% and 33% respectively after revisiting its assumptions.
It maintained its buy recommendation with a lower sum-of-parts target price of 46 sen from 54 sen previously.
We were made aware of a possible slowdown in net profit in the immediate term, as stricter measures have been imposed during MCO 3.0.
This adds to the approvals pending for certain property development sites, which have hindered ADVC from achieving higher progress rates, said the research house following a call with Advancecon s management.
However, RHB is positive over Advancecon s chances of clinching local jobs this year, especially for the East Coast Rail Link and East Malaysia projects, going by its recent job wins. ....

Kuala Lumpur , East Malaysia , Malaysia General , Advancecon Holdings Bhd , East Coast Rail Link , Wenan Steel , குவாலா லம்பூர் , கிழக்கு மலேசியா , மலேசியா ஜநரல் , கிழக்கு கடற்கரை ரயில் இணைப்பு ,