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<ul>
 <li>TRC Synergy is an established construction player with over three decades of experience, specializing in major infrastructure projects, which positions it to capitalize on Malaysia's robust construction outlook.</li>
 <li>The company maintains a solid order book of RM1.27 billion, providing earnings visibility, and is strategically pursuing new mega-projects like the Penang LRT and MRT3 to drive future growth.</li>
 <li>Despite a challenging recent financial performance marked by declining revenue and income, the company's valuation appears discounted, trading below its net cash per share with a low price-to-book ratio.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  TRC Synergy is an established construction player with over three decades of experience, specializing in major infrastructure projects, which positions it to capitalize on Malaysia's robust construction outlook.
  The company maintains a solid order book of RM1.27 billion, providing earnings visibility, and is strategically pursuing new mega-projects like the Penang LRT and MRT3 to drive future growth.
  Despite a challenging recent financial performance marked by declining revenue and income, the company's valuation appears discounted, trading below its net cash per share with a low price-to-book ratio.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: TRC Synergy Bhd (TRC MK) - Aug 2026

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>TRC’s 1HFY24 core PATAMI of RM5.5m was within expectations. We had earlier slashed FY24 forecasts by -46%.</li><li>Net cash per share has dwindled down to RM0.55 from RM0.65. Unbilled orderbook is decent at RM1.0bn.</li><li>Ara Sentral Ph 2 launch has been delayed to 2Q26 from 1Q25. We have also adjusted downwards FY24 construction replenishment assumptions to RM1.0bn (from RM1.5bn) due to delays in government infra timelines. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TRC’s 1HFY24 core PATAMI of RM5.5m was within expectations. We had earlier slashed FY24 forecasts by -46%.Net cash per share has dwindled down to RM0.55 from RM0.65. Unbilled orderbook is decent at RM1.0bn.Ara Sentral Ph 2 launch has been delayed to 2Q26 from 1Q25. We have also adjusted downwards FY24 construction replenishment assumptions to RM1.0bn (from RM1.5bn) due to delays in government infra timelines. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>TRC’s 1QFY24 core PATAMI of RM147k was below expectations. Negative deviation came from sluggish construction segment.</li><li>Unbilled orderbook is decent at RM850m (1.8x cover). With infrastructure projects expected to materialise in 2024, TRC could be a beneficiary of this healthier environment.</li><li>Projects we believe TRC will participate in are LRT, MRT3, remaining KUTS packages, road projects in East Malaysia and airport jobs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TRC’s 1QFY24 core PATAMI of RM147k was below expectations. Negative deviation came from sluggish construction segment.Unbilled orderbook is decent at RM850m (1.8x cover). With infrastructure projects expected to materialise in 2024, TRC could be a beneficiary of this healthier environment.Projects we believe TRC will participate in are LRT, MRT3, remaining KUTS packages, road projects in East Malaysia and airport jobs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>TRC’s FY23 core PATAMI of RM12.7m was within expectations. Unbilled orderbook is decent at RM750m (1.4x cover).</li><li>With infrastructure projects expected to materialise in 2024, TRC could be a beneficiary of this healthier environment.</li><li>Projects we believe TRC will participate in are LRT, MRT3, remaining KUTS packages, road projects in East Malaysia and airport jobs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TRC’s FY23 core PATAMI of RM12.7m was within expectations. Unbilled orderbook is decent at RM750m (1.4x cover).With infrastructure projects expected to materialise in 2024, TRC could be a beneficiary of this healthier environment.Projects we believe TRC will participate in are LRT, MRT3, remaining KUTS packages, road projects in East Malaysia and airport jobs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

TA Securities Holdings Berhad

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Excluding the one-off gain amounting to RM13.3mn, TRC’s FY23 core earnings of RM12.4mn (-7.7% YoY) came in below expectations, accounting for only 83.9% and 91.6% of our and consensus full-year estimates, respectively.</li><li>The negative deviation was chiefly attributed to lower-thanexpected profit contribution from the construction division.  YoY, FY23 revenue was stable, but core net profit decreased 7.7% YoY to RM12.4mn.</li><li>This decrease was primarily due to a 2.7%-pts reduction in EBIT margin to 3.8%, as the margin in the preceding year of 6.4% was lifted by the finalisation of certain project costings.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Excluding the one-off gain amounting to RM13.3mn, TRC’s FY23 core earnings of RM12.4mn (-7.7% YoY) came in below expectations, accounting for only 83.9% and 91.6% of our and consensus full-year estimates, respectively.The negative deviation was chiefly attributed to lower-thanexpected profit contribution from the construction division.  YoY, FY23 revenue was stable, but core net profit decreased 7.7% YoY to RM12.4mn.This decrease was primarily due to a 2.7%-pts reduction in EBIT margin to 3.8%, as the margin in the preceding year of 6.4% was lifted by the finalisation of certain project costings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

TRC Synergy Berhad is an investment holding company. Through its subsidiaries, the Company operates as general contractors carrying out construction works, sells construction materials, and develops property. TRC Synergy also hires and services vehicles and manufactures concrete piles and ready-mixed concrete.

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TRC Synergy Bhd (TRC MK)

Primer: TRC Synergy Bhd (TRC MK) - Aug 2026

TRC Synergy is an established construction player with over three decades of experience, specializing in major infrastructure projects, which...

αSK Primers

TRC Synergy - Within Expectations

TRC’s 1HFY24 core PATAMI of RM5.5m was within expectations. We had earlier slashed FY24 forecasts by -46%. Net cash per share has dwindled down to...

Hong Leong Investment Bank Berhad

TRC Synergy - Below Par Start

Unbilled orderbook is decent at RM850m (1.8x cover). With infrastructure projects expected to materialise in 2024, TRC could be a beneficiary of...

Hong Leong Investment Bank Berhad

TRC Synergy - No Surprises

Meanwhile its property segment could stay soft until Phase 2 Ara is launched in 1Q25. No change to forecasts. Maintain BUY with unchanged SOP...

Hong Leong Investment Bank Berhad

TRC Synergy Berhad - A Soft Patch

Excluding the one-off gain amounting to RM13.3mn, TRC’s FY23 core earnings of RM12.4mn (-7.7% YoY) came in below expectations

TA Securities Holdings Bhd

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