A shot in the arm from new cloud contract

■ AwanTec has secured a 27-month contract from Pernec to provide Google Workspace Solutions and related services for RM75.9m.
■ We change FY22-23F LPS to EPS and raise FY24F EPS by 4.8x.
■ Upgrade to Hold with a higher RM0.74 TP, based on 3x P/BV (3-year mean).