Bursa Malaysia Stock Watch

Eversendai Corporation: Maintain Buy - Bags RM367m Tg Bin job

kltrader
Publish date: Fri, 24 Feb 2012, 10:17 PM
kltrader
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Another high-profile power plant job. Eversendai has clinched the mechanical erection work for Tg Bin, worth RM367m. No change to our forecasts, as we have imputed potential job wins into our model. Additionally, we expect its upcoming 4Q11 results (due on 28th or 29th Feb) to meet our and street estimates. Despite the global economic slowdown, we still see more jobs flowing from government-backed projects. Maintain Buy and TP of RM2.17 (12x 2012 PER).

Maybank Research - 24 Feb 2012

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