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Hong Leong 'positive' on HSL winning Kuching wastewater contract

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Hong Leong 'positive' on HSL winning Kuching wastewater contract Empty Hong Leong 'positive' on HSL winning Kuching wastewater contract

Post by Cals Tue 06 May 2014, 17:25

Hong Leong 'positive' on HSL winning Kuching wastewater contract

Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 06 May 2014 12:15

KUALA LUMPUR (May 6): Hong Leong Investment Bank Research said it is “positive” on Hock Seng Lee Bhd (HSL) securing the package 2 contract of the Kuching centralised wastewater management system (KCWMS) project.

According to a local daily, the Kumpulan Nishimatsu-Hock Seng Lee (KNH) consortium is in the final stages of negotiations with Sarawak state authorities on the KCWMS project package 2 contract.

It said HSL was likely to secure the contract due to project continuity and cost-effectiveness.

“We remained positive about the company in securing more new contracts given its niche in Sarawak, as well as marine engineering and mass reclamation,” said analyst Low Yee Huap of Hong Leong IB in a note today.

Low, however, said he maintained earnings forecasts, pending actual awards. He also maintained ‘neutral’ for HSL with an unchanged target price of RM2.18.

“If additional new contracts were secured, it will be positive towards reaching our FY14 order book replenishment assumption of RM600 million,” Low said, noting the current order book for the year stands at RM129 million.

“Depending on the potential amount from package 2 of KCWMS, it may exceed our assumption for FY14.”

At 11.55 am today, HSL gained 1 sen or 0.5% to RM1.91. The stock saw trades of 469,200 shares.
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