Bursa Malaysia Stock Watch

Eversendai Corporation: Maintain Buy - Secures RM185m in new jobs

kltrader
Publish date: Wed, 22 Feb 2012, 09:56 AM
kltrader
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Slew of job wins. Eversendai has clinched 6 projects, worth a total of RM185m (Middle East: RM153m, Malaysia: RM32m). No change to our earnings forecasts as we have imputed potential job wins into our model. Additionally, we expect its upcoming 4Q11 results (due on either 28th or 29th Feb) to meet our and the market's estimates. Despite the global economic slowdown, we still see heightened job flows for Eversendai, coming from government-backed projects. Maintain Buy and TP of RM2.17 (12x 2012 PER).

Maybank Research 22 Feb 2012

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