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New regional IPP ventures positive for Mudajaya in longer term, says CIMB Research

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New regional IPP ventures positive for Mudajaya in longer term, says CIMB Research Empty New regional IPP ventures positive for Mudajaya in longer term, says CIMB Research

Post by Cals Thu 28 Nov 2013, 10:29

New regional IPP ventures positive for Mudajaya in longer term, says CIMB Research
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 28 November 2013 08:54
KUALA LUMPUR (Nov 28): CIMB Research has its Buy rating on Mudajaya at RM2.80 with an unchanged target price of RM3.24 and said the company’s medium-term outlook remains anchored by potential domestic power plant contract awards and the rollout of other private sector projects, adding that new regional IPP ventures are positive for the longer term.
In a note Nov 27, CIMB Research analyst Sharizan Rosely said as he expects slightly better margins in 4Q, Mudajaya's 9M13 core net profit was in line, at 91% of house forecast and 98% of consensus on an annualised basis.
He said the decline in construction earnings was expected and should reverse when the flow of jobs picks up.
“Our RM3.24 target price is intact, at a 40% RNAV discount. The stock’s valuation discount of 35% to the sector is unjustified as coal supply for its India IPP is no longer an overhang.
“Its medium-term outlook remains anchored by potential domestic power plant contract awards and the rollout of other private sector projects. New regional IPP ventures are positive for the longer term. Maintain Buy,” he said.
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