WAH SEONG - Maintain OUTPERFORM (CIMB)

We maintain our forecasts but we cut our target price from RM1.97 to RM1.89 as we apply a lower target P/E of 11x, in line with our target market P/E which has been revised from 11.5x. We reiterate our OUTPERFORM recommendation, with the share price triggers being 1) M&As, 2) more active order book replenishment, and 3) a better-than-expected performance by GSI.