Maintain BUY; TP at MYR5.70 with upside bias. We foresee a strong order pipeline for MMHE from 2H12. It is likely to win three projects (Malikai, Damar, Central Diyabekir) worth MYR1.4b very soon. Its order book win should sustain into 2013 for several sizeable projects are also in the pipeline. Our earnings forecasts, which impute job wins of MYR2-3b p.a., are unchanged. Our TP is based on 20x FY13 EPS.
Click here for full reportSource: Maybank Research - 5 July 2012