Bursa Malaysia Stock Watch

Eversendai Corporation: Maintain Buy - New Job Awards Imminent

kltrader
Publish date: Mon, 03 Sep 2012, 11:27 AM
kltrader
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  • Within expectations. 1H12 net profit of MYR58m (+2%YoY) made up 41% of our and 45% of consensus full-year forecasts.
  • We maintain our estimates on expectations of a stronger 2H12, as several big projects in the Middle East progress into an advanced stage.
  • The poor share price performance (-12% YTD) does not reflect Eversendai's positive fundamentals, in our view, especially in light of its potential near-term high-value job wins, which could exceed our and the market's full-year job win expectations of MYR1.3-1.5b. Maintain BUY and TP of MYR2.17 (12x FY12 PER).
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Source: Maybank Research - 3 Sept 2012
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