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New PNG contract bodes well for CBIP, says RHB Research

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New PNG contract bodes well for CBIP, says RHB Research Empty New PNG contract bodes well for CBIP, says RHB Research

Post by Cals Tue 18 Mar 2014, 08:49

New PNG contract bodes well for CBIP, says RHB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 18 March 2014 08:32

KUALA LUMPUR (March 18): RHB Research has rated CB Industrial Product Holdings Bhd (CBIP) with a fair value of RM4.30 after the company received a letter of award from Gilford Limited, a subsidiary company of Rimbunan Hijau (PNG) Group, with respect to a proposed 60 tonne/hr modipalm mill in Papua New Guinea for a total of RM46 million (RM3.6 million or US$12.1 million import portion, with the rest in local currency).

In a note Tuesday, the research house said the contract was positive, as this would add to CBIP’s already large orderbook of RM440 million as at end-2013.

“As we have already imputed RM300 million-RM350 million revenue from the oil mill engineering division in our FY14-15 forecasts, this will not have any impact on our projections.

“However, we believe this contract win bodes well for CBIP in terms of expanding its clientele base and geographical exposure,” it said.
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