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if you look at the operating performance objectively, fundamentals have kept improving, governance has tightened, dividend track record continues. Trust rebuilding takes time, but each quarter of clean execution narrows the trust discount. Patient capital benefits from buying during the rebuild phase.
Macro defensive angle worth highlighting. Even if Malaysia's economy slows toward 4.0% GDP growth (the low end of MoF range), affordable housing demand stays resilient. Why? Because the B40/M40 demographic LAGENDA serves still need shelter regardless of economic cycle.
FY26 catalyst is the launch of two new affordable housing townships, Sungai Petani Kedah and Negeri Sembilan. New township launches typically generate strong initial sales (pent-up demand from area's first-time homebuyers), and the revenue recognition kicks in progressively over construction. So you get both volume growth and extended revenue runway
Stock trading at only 6x forward PE, a steep discount to sector average of 13x. CGS International target price RM2.03 (highest in consensus), significant upside potential.
Malaysia has roughly 6+ million households earning under RM5,000/month who can't afford regular Klang Valley housing. Lagenda is literally THE player serving this market with their RM200k-RM350k price point houses in secondary towns like Sitiawan, Teluk Intan, Sungai Petani, and now Negeri Sembilan.
