Bursa Malaysia Stock Watch

Eversendai Corporation: Maintain Buy - Bags RM134m Qatar museum job

kltrader
Publish date: Thu, 19 Apr 2012, 09:31 AM
kltrader
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New jobs keep flowing in. Eversendai has clinched the structural steel work for the National Museum of Qatar (Package 2), worth RM134m. This job came just 5 days after the award of the RM158m Saudi airport work, proving the vibrancy of the construction landscape in the Middle East. We expect more job wins both locally and abroad (i.e. Abu Dhabi airport, local power plants). The stock however remains undervalued at 9.5x 2012 PER 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 - 19 April 2012
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