SGH's (ASX:SGH) 15.5% stake in the Crux gas project off the coast of Western Australia, which could generate around AU$350 million to AU$375 million in annual earnings before interest, taxes, depreciation, and amortization at peak production, was not yet reflected in consensus earnings, RBC Capital Markets said in a note, according to the Australian Financial Review on Wednesday.

It also noted stabilization in New South Wales and growth in Queensland infrastructure spending. The firm also has "limited negative AI exposure risk."

The investment firm started an outperform rating on SGH with a price target of AU$47 per share.

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