Maintain Buy. Results were in line, with 2011 net profit of RM87m (+19% YoY) spot-on our forecast. Near-term earnings visibility is good, with its outstanding order book of RM1.1b while sizeable job wins would provider greater growth visibility. We maintain our earnings forecasts for now, which are still short of management's internal targets. We remain upbeat on potential sizeable job wins this year, which should re-rate the stock. Our target price is pegged to 12x current year earnings.
Maybank Research 29 Feb 2012
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