Bursa Malaysia Stock Watch
Eversendai (BUY) - 2nd deal for Qatar National Museum
kltrader
Publish date: Thu, 19 Apr 2012, 09:53 AM
kltrader
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Eversendai (BUY)
2nd deal for Qatar National Museum
- Awarded QAR160m (~RM134m) structural steel project from HyundaiEngineering & Construction for Package 2 of the Qatar National Museum. The project isanticipated to be completed in 2013.
- The latest order brings Eversendai's outstanding order book to ~RM2.1bn,translating to ~2.1x FY11's revenue and ~1.6x order book-to-market cap ratio.Assuming a PAT margin of 10%, the latest order translates to ~1.2 sen/share forthe company (after adjusting for its 70% stake).
- Maintain BUY with TP of RM2.00 based on 12x averageFY12-13 earnings.
Source: Hong Leong Investment Bank Research - 19 April 2012
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