LRT 3-led outperformance in 1QFY22
? 1QFY22 results were above expectations; core net profit surged 170% yoy.
? Overall performance was anchored by the LRT 3 project and stronger billings
for property development. EBITDA margin slipped due to higher costs.
? Reiterate Hold rating with a slightly higher TP (60% discount to RNAV).