We believe ANNJOO will benefit from the spillover effect from the upcoming mega infrastructure projects, particularly the Penang LRT. Given its proven track record in large-scale infrastructure projects, we assign ANNJOO a higher target price-to-earnings ratio (PER) of 11x, anticipating a brighter earnings outlook. As a result, we arrive at a new target price of RM1.51 (up from RM1.11 previously). Upgrade ANNJOO to Buy.