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Potential new regional IPP ventures, job wins catalysts in 2H for Mudajaya, says CIMB Research

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Potential new regional IPP ventures, job wins catalysts in 2H for Mudajaya, says CIMB Research Empty Potential new regional IPP ventures, job wins catalysts in 2H for Mudajaya, says CIMB Research

Post by Cals Thu 03 Oct 2013, 09:52

Potential new regional IPP ventures, job wins catalysts in 2H for Mudajaya, says CIMB Research
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 03 October 2013 09:47
KUALA LUMPUR (Oct 3): CIMB Research has maintained its Outperform rating on MUDAJAYA GROUP BHD [] at RM2.80 with a target price of RM3.24 and said worries about securing coal supply for the group's 26%-owned IPP in India can finally be put to rest.
In a note Thursday, the research house said Mudajaya's announcement on Oct 2 wrapped up the long-overdue coal supply agreement for the entire 1,440MW facility.
CIMB Research analyst Sharizan Rosely said execution now focuses on commissioning the plant in 1Q14.
“Our target price is intact, pegged to an unchanged 40% RNAV discount. The Indian IPP constitutes 17% of RNAV. We anticipate a strong re-rating as past delays in the signing of coal supply have been an overhang on the stock.
“The short-term outlook now shifts to a potential domestic power plant job award. This news, potential new regional IPP ventures and job wins are catalysts in 2H. Maintain Outperform,” he said.
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