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NewsHot Stock Datasonic securities up on RM220 million contract from NRD
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Hot Stock Datasonic securities up on RM220 million contract from NRD
by Cals Mon 21 Apr 2014, 11:31
| Hot Stock Datasonic securities up on RM220 million contract from NRD |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 21 April 2014 10:01 |
KUALA LUMPUR (Apr 21): Datasonic Group Bhd securities soared in early morning trades today following Bursa announcements of its RM220 million contract with the National Registration Department (NRD) for 10 million MyKad last Friday.
At 9:55 am, Datasonic was the top gainer and rose 23 sen or 6.3% to RM3.85 per share with some 4.48 million shares traded.
Its warrant was among the top actives today as well rising 5.5 sen to 35.5 sen with 14.91 million units traded.
In its announcement to the exchange, the company said that it has accepted the letter of award from the NRD for the supply of 10 million new raw MyKads.
The contract is said to commence from 1 July 2014 to 30 June 2016 for a contract sum of RM220. 2 million.
RHB Research has maintained its “buy” call on the stock with an unchanged fair value (FV) of RM4.08.
Analyst Kong Heng Siong of RHB Research said “We maintain our Buy call on the stock, with our FV unchanged at RM4.08, based on a 25.0 times CY15F price earnings. Since our recent recommendation upgrade on 17 April, Datasonic’s share price has surged by over 25%.”
Kong added that the fundamentals of the company remained intact as he foresees earnings to be driven by its MyKad and passport contracts.
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