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HLIB Research starts coverage on Mitrajaya,target price RM1.52

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HLIB Research starts coverage on Mitrajaya,target price RM1.52 Empty HLIB Research starts coverage on Mitrajaya,target price RM1.52

Post by Cals Wed 05 Nov 2014, 20:57

HLIB Research starts coverage on Mitrajaya,target price RM1.52

KUALA LUMPUR (Nov 5): Hong Leong IB Research (HLIB) has initiated coverage on Mitrajaya Holdings Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) with a Buy rating and target price of RM1.52 and said the conpany’s orderbook of RM1.3 billion implied superior revenue cover of 6 times.
It said Mitrajaya had RM2 billion in tenders, and another potential contract by year end.
The research house said it expect strong take up for the company’sWangsa 9 development.
“Earnings to double this year, 3 year CAGR at 40%
“Initiate with Buy, RM1.52 target price (55% upside), our top small cap construction pick
“At current price investors are getting its land at 48% discount and all its core business for free,” it said.
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