Bursa Malaysia Stock Watch
Boustead Holdings (Buy) - Progress In The RM9bn PV Contract
kltrader
Publish date: Tue, 10 Apr 2012, 10:15 AM
kltrader
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Boustead Holdings (Buy)
Progress In The RM9bn PV Contract
- Boustead Naval Shipyard (BNS) awarded BHIC to undertake engineering,integration and procurement works for combat management system (CMS) at a totalceiling contract sum of RM1.532bn over 10 years from 9 April 2012.
- The CMS is for the 6 units of patrol vessels (PV) awarded by Ministry ofDefense (MoD) to BNS back in Dec 11.
- This is part of the overall RM9bn PV contract it is expected to enhancethe earnings of both BNS and BHIC.
- Positive given the progress with the PV contract which will keep itsheavy industry division busy over the next 9 years and help boost BHIC (as wellas BNS) future earnings.
- Reiterate that the PV contract will act as a catalyst to support shareprice and performance over the longer term.
- Forecasts unchanged albeit factoring RM7bn for the PVcontract, implying potential upside to our forecasts.
- Maintain Buy.
- Target pricemaintained at RM6.20 based on 10% holding company discount to estimated SOP ofRM6.89.
Source: HLIB Research - 10 April 2012
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Jonathan Keung
Boustead holdins is one of the underrated counters. potential earnings derived from the PV orders(BHIC/BNS). strong catalyst growth from their land development plus LTAT backing.
2012-04-10 11:11