Because LBS core business is Property Development, while MGB core business is Construction. MGB mostly receive contract award internally from LBS.

Yes agreed that LBS 4th QR is not as good as precedent quarter because most of LBS's current projects are near completion and the Company has a lot of new projects with delay approvals for launch. It is expected to see the Company to pick up its earnings in 2Q2025, in consideration of their latest and biggest project launch (Rimbawan Township) with a total GDV of RM 9.5 billion and also the recently announced Centrum Iris with a total GDV of RM 472 million, all of which aggregate to a roundup of RM 10 billion worth of project to keep LBS busy for another 3-5 years.

Apart from Property Development segment, yes it is rather disappointing to see the Johor LRT project did not go as expected in consideration that the Govt. decided to go with ART instead of LRT, but lets not forget that by end of this year or early next year, LBS is expected to have a new revenue stream added to its revenue segment as the Company will have its own Solar Farm to operate.

On the subject of Renewable Energy, if things go well with the proposed hydrogen plant at Sabah, this will further propel LBS in the Renewable Energy industry which will be playing an important role as more Data Centers will be established in Malaysia.

Other Segments such as Hotel Operations is still making losses but there have been much improvement comparatively between FY2023 & FY2024, which is a good sign on its operation management.

Last but not least, it is understandable that the share price is not looking good, but given the good management team, long list of good upcoming projects, healthy landbanks and together with the high management continuous purchase of its own shares, hopefully this is enough to keep investors confidence in the Company.

(My 2Cents)