No signs of a slowdown. Eversendai has clinched the structural steel work for the new King Abdul-Aziz International Airport (KAIA), worth RM158m. The KAIA construction is at its full-swing and there could be more jobs for Eversendai from this project. In addition, we continue to see a slew of potential awards from both overseas and local (i.e. Abu Dhabi airport, local power plants). The stock however remains undervalued at 9.1x current year earnings with the share price barely moved since its IPO in Jul '11 despite its consistent job wins and earnings growth. Maintain Buy and TP of RM2.17 (12x 2012 PER).

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Source: Maybank Research - 16 April 2012