HAILY GROUP: (HAILY MK, CP: MYR0.24, NR) Another contract in the bag

Maybank IBG Retail Research

Haily was awarded a MYR115.1m contract by Permas Jaya S/B to undertake construction works for a property development project in Bandar Baru Permas Jaya, Johor. The project is expected to take 24 months to complete from the date of commencement.

Since Apr 2024, the group has secured seven contracts worth MYR569.5m in aggregate (equivalent to approximately 1.9x FY23 revenue). This will help to replenish its outstanding order book which stood at MYR283m at end-Mar 2024, providing earnings visibility up to 2026.

A key highlight for the stock is its exposure to the Johor state. Its current order book consists projects mostly in the districts of Johor Bahru, Kulai, Pontian and Kluang. The recent and potential developments such as the Johor-Singapore