Do you want to know why Kenanga set the target price for SCGM at RM 3.02?

The SCGM annual report for year end 2021 is out. I would like to ask you to take a look at the SOFP at page 36.

You can see a significant growth in current asset, especially cash and bank balance. This prove that the company is a cashflow rich company. The cash account three folded since last year, an increase of RM 8 million. The unappropriated profit would be the retained earning meaning the cash reserve of the company, also grew significantly, an increase of RM 20 million. At the same time, the decrease in lease liabilities and current liabilities meaning that the company have the ability to meet its financial obligation in both long and short term.

Now look at the key financial information in page 5. Best performance of earning since the past 5 years. The analysis lack net profit margin so lets calculate.
FY 2020: 17.28/210.48 = 8.21%
FY 2021: 33.6/246.5 = 13.63%

Thus, I don't see any reason why RM 3.02 is not possible.