EVSD  announced  that  it  has  secured  a  new  contract  worth  RM269.2m through its subsidiary in Qatar. The contract is for the construction of the Al Wahda Arches and Visitors’ Centre in Doha Qatar.

The Al Wahda Arches will consist of two arches – the larger with a length of 146.5m  and  the  smaller  spanning  139.8m.  The  scope  of  work  includes connection  design,  steel  material  supply,  fabrication  and  erection  of  the steel arches, installation of the cable net and hangars as well as the 4,000-tonne strand jacking. The project is scheduled for completion by June 2016. (Source: Bursa Malaysia)

Comments:  The new Qatar contract raises the total value of new contracts secured  in  the  first  three  months  of  the  year  to  RM618m,  to  be  billed between  now  and  June  2016.  Maintain  our  FY15E-17E  forecasts,  target price of RM1.07 (@12x 2016E EPS) and BUY rating for EVSD. The 4Q15 results briefing is scheduled on 5 March 2015.

Source: Affin Hwang Capital Research - 3 Mar 2015