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CIMB Research remains upbeat on Mudajaya's longer-term prospects
by Cals Fri 14 Feb 2014, 10:17
| CIMB Research remains upbeat on Mudajaya's longer-term prospects |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Friday, 14 February 2014 09:27 |
KUALA LUMPUR (Feb 14): CIMB has maintained its Add rating on Mudajaya Group Bhd at RM2.72 with a lower target price of RM3.10 (from RM3.24) but said it remained upbeat on Mudajaya's longer-term prospects, though it had been too bullish in its earlier profit estimates.
In a note Feb 13, CIMB Research analyst Sharizan Rosely said going by the delays in job flows from 2H13, he believed Mudajaya’s order book could continue to deplete in the medium term, but with possible green shoots in 2H14.
Sharizan said he now expects the upcoming 4Q13 results to be weak, adding that he cut FY13-15 EPS by 11-31% mainly to account for timing risks on job replenishment.
“Our target price drops, still set at a 40% discount to RNAV.
EPS revisions do not alter the stock's appeal as a key proxy to domestic power plants and highways construction theme this year.
“We continue to expect power-plant and highway jobs as catalysts in 2014. The wild card remains the Indian IPP. Maintain our Add rating,” he said.
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