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NewsRHB upgrades Pestech FV, profit on RM85m contract
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RHB upgrades Pestech FV, profit on RM85m contract
by Cals Thu 16 Jan 2014, 17:37
| RHB upgrades Pestech FV, profit on RM85m contract |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Thursday, 16 January 2014 10:19 |
KUALA LUMPUR (Jan 16): RHB Research has upgraded its fair value (FV) for Pestech International Bhd shares to RM3.52 compared with RM3.12 previously. RHB, however, maintained its “buy” rating on Pestech.
The higher FV comes with an net profit forecast upward revision of 1% after factoring in profit recognition from a recently-awarded RM85 contract. The company recently secured its third contract from Sarawak Energy Bhd worth RM85 million.
“We’re adjusting our FY14 net profit forecast (for Pestech) slightly higher by 1% after factoring in profit recognition from this recently-awarded contract.
"We continue to like the company for its strong MYR425m order book as at 15 Jan 2014, growing energy demand worldwide, and expansion into switchgear manufacturing," RHB analyst Chaw Sook Ting said in a note today,
The RM85 million contract is for an extension job of electricity substations in Mambong and Entinggan in Kota Samarahan, Sarawak. This will facilitate cross-border energy supply to West Kalimantan, Indonesia.
Pestech had yesterday made the announcement to Bursa Malaysia regarding the contract.
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