Stock Digest - AME Elite Consortium Bhd - Starting In First Gear

As of 1QFY23, AME is equipped with an outstanding construction orderbook of RM318.7m to sustain earnings visibility over the next 2 years. Meanwhile, unbilled property sales of RM120.4m (up from RM91.3m in 4QFY22) will sustain the property development segment earnings for 2 years. After delivering new property sales of RM168.4m in FY22, we expect stronger performance to come by for FY23f at RM250.0m (1QFY23 new property sales at RM65.8m).