Bursa Malaysia Stock Watch
Mudajaya (BUY) - Over reaction on coal issue?
kltrader
Publish date: Thu, 19 Apr 2012, 09:52 AM
kltrader
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Mudajaya (BUY)
Over reaction on coal issue?
- News report that Coal India (CIL) has agreed to sign a revised FuelSupply Agreement (FSA) with power producers. This is positive for Mudajaya's(MDJ) Letter of Assurance (LoA) for coal supply which will now be convertedinto FSA, indicating assured supply.
- We believe that the India Government will prioritise distribution ofcoal supply for power producers as electricity is a basic necessity afterwater, food and shelter and also for the country's development.
- We feel that the kneejerk reaction on MDJ's share price has overshot onthe downside. Our base case valuation for the company works out to RM2.87.
- With the company's local operations still fundamentally sound, wemaintain our BUY call on MDJ but with a lower revised TP of RM4.27.
Source: Hong Leong Investment Bank Research - 19 April 2012
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bimsb
good buy
2012-04-19 11:18