Bursa Malaysia Stock Watch
Mudajaya (BUY) - Powering the future
kltrader
Publish date: Mon, 05 Mar 2012, 10:07 PM
kltrader
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Mudajaya (BUY)
Powering the future
- We returned on a positive note following Mudajaya's investorspresentation last Friday whereby Mr. Anto, Group MD & CEO, and other seniormanagement personnel were present.
- Progress for the India IPP has been substantial, with ~US$570m worth ofEP works outstanding equivalent to 40% completion is on track for commercialoperations by year end.
- Suruhanjaya Tenaga is targeting for additional 4,500MW gas-fired and1,000MW coal-fired capacity to be awarded by 2016. This will translate to~RM3bn power-related civil works up for grabs, an area where Mudajaya has anedge over its competitors. Besides power projects, Mudajaya has also bid for~RM2.8bn worth of jobs ranging from MRT/LRT packages to KLIA2 Aerobridge.
- Maintain BUY with TP of RM4.61 based on SOPvaluation.
Source: HLIB Research 5 March 2012
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jtpc2006
Mudajya TP 4.61 sounds reasonable with all the major projects which are already in progress, and with more to come.
2012-03-08 10:27