RHB Research maintained a "buy" call on the stock with a higher sum-of-parts-derived target price of RM.71 from RM1.28 previously.
The research house said RM3.4bil in outstanding orders should support future income from construction.
"Given its strength in job replenishment and a potential rise in property sales, we believe Kerjaya Prospek has the ability to achieve a 30% CAGR in the next three years.
"The stock trades at an attractive valuation of 10x P/E (below 5-year mean) to FY22 EPS," it added.
Kerjaya Prospek's 49%-owned associate company Kerjaya Bina BMK Sdn Bhd accepted a RM153.5mil letter of award from BBCC Development Sdn Bhd fo rhte construction of the main building for a proposed development in Jalan Pudu in Kuala Lumpur.
According to RHB, the new award represents 15% of its annual replenishment target.
Meanwhile, it also expects earnings from its property development to turn meaningful with two new projects projected to be launched in the second half, namely Yakin Land and Monterez with a combined GDV of RM630mil.