As of end-3QFY23, ECONBHD is equipped with an unbilled construction orderbook of approximately RM404.7m from 24 on-going projects; representing an orderbookto-cover ratio of 1.1x against FY22 revenue of RM366.6m. This will sustain their revenue over the next 18 months. Despite YTD orderbook replenishment (c. RM223.0.m) exceeded FY22 replenishment at RM155.6m, we reckon that earnings recovery is still at nascent stage.