Stock Digest - Glostrext Berhad - Construction-Technology Powered by WiNa platform

Driven by technology, Glostrext will utilise the IPO proceeds to purchase the required instruments and equipment to expand its structural and ground instrumentation and monitoring business into Singapore.  We expect the net profit to grow by 36.5-37.9% to RM5.6-7.7m for FY24-25f underpinned by the (i) current unbilled orderbook of RM8.9m as well as the growth in the construction sector which is on a recovery path after Covid-19. Glostrext is valued by ascribing a P/E of 17x (a premium to KL Construction forward P/E of 14.5x given the superior margins as compared to the peers) tagged to the mid-FY25 EPS of 1.64 sen, leading to a fair value of RM0.28. 

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