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Muhibbah Engineering growth story still compelling, says CIMB Research

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Muhibbah Engineering growth story still compelling, says CIMB Research Empty Muhibbah Engineering growth story still compelling, says CIMB Research

Post by Cals Wed 22 Jan 2014, 19:14

Muhibbah Engineering growth story still compelling, says CIMB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 22 January 2014 09:16

KUALA LUMPUR (Jan 22): CIMB Research has maintained its Add rating on Muhibbah Engineering Bhd at RM2.53 with a target price of RM3.05 and saidMuhibbah's recent share price re-rating was a signal that the market had begun to price in the group's positive earnings prospects in 2014.
In a note Wednesday, the research house said it believed that the positive sentiment will be sustained in 2014.
“Our checks with management confirm our view that there should be a strong uptick in job flow in 1H14.
“The group's business model continues to capitalise on the domestic construction upcycle and oil & gas (O&G) spending spin-offs. Its construction order book will be replenished by the potential highway and port-related works, in addition to a possible O&G steel fabrication job (its first).
“We maintain our Add rating and target price, still pegged to a 30% RNAV discount. The realisation of strong order flows in 2014 will be catalysts for RNAV and EPS,” it said.
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