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BIMB Securities maintains Buy on Econpile, ups target to RM1.27

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BIMB Securities maintains Buy on Econpile, ups target to RM1.27 Empty BIMB Securities maintains Buy on Econpile, ups target to RM1.27

Post by Cals Thu 23 Apr 2015, 21:55

BIMB Securities maintains Buy on Econpile, ups target to RM1.27

KUALA LUMPUR (April 23): BIMB Securities Research has maintained its “Buy” rating on Econpile Holdings Bhd ([You must be registered and logged in to see this image.]Financial Dashboard) at RM107 with a higher target price of RM1.27 (from RM1.24) after Econpile said that it had received a Letter of Award from TWY Development SB, a subsidiary of Symphony Life Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) for the foundation and substructure works for high-rise property project in Mont Kiara, Kuala Lumpur worth about RM29.4 million.
In a note today, the research house said that after imputing this contract, it adjusted its FY15/16 forecast for Econpile higher by 1.3% and 2.4% respectively to reflect the excess by 4.5% of its orderbook assumption of RM400 million.
“Thus, we derived a new target price for Econpile at RM1.27 from RM1.24 previously based on 13x PER.
“Still a Buy,” it said.
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