OSK Research is maintaining a 'buy' call on Ahmad Zaki Resources Bhd (AZRB) at a target price of RM1.55 based on twelve times financial year ending 2011 earnings.

AZRB had on Monday, won a RM125 million contract, for a public housing job in Terengganu.

In a research note today, OSK said the management was positive on between RM500 million and RM600 million new wins this year.

The potential jobs include packages of the East Coast Expressway (RM140 million) and private finance initiative (PFI) campus job (RM400 million).

'The approved sale of Eastern Pacific Industrial Corp (EPIC) at RM112 million would move AZRB into a net cash position.

'There are no changes to our earnings estimates as the job wins are still within our RM400 million replenishment target,' OSK Research said. -- Bernama