Bursa Malaysia Stock Watch
Hock Seng Lee: Maintain Buy - Quietly Building Up
kltrader
Publish date: Tue, 31 Jul 2012, 11:09 AM
kltrader
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BUY, with a raised MYR2.25 target price. Job wins of MYR472m YTD have surpassed 2011's MYR313m, lifting outstanding order book to MYR1.3b. This will underpin record earnings in FY12, sustainable into FY13. Active tendering continues, with sizeable jobs worth up to MYR1b to be awarded in the next 6-9 months. We raise FY12-13 earnings forecasts by 7% p.a., and 12M TP by 7%. Current valuations are undemanding at 8.4x 12M forward earnings (and just 5.5x ex- cash and property land bank BV of 56sen/share) for its growth potential.
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Source: Maybank Research - 31 July 2012
Click here for full report
Source: Maybank Research - 31 July 2012
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