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MRCB poised for re-rating: HwangDBS
by hlk Wed 20 Jul 2011, 13:23
Malaysian Resources Corp Bhd (MRCB) is poised for a re-rating with more sustainable earnings delivery and visible share price catalysts.
HwangDBS Vickers Research, in a note today, said with the coming general election, it was also an ideal proxy, as a government-linked company contractor and developer.
"Our RM700 million to RM800 million per annum new order assumptions for financial years 2011 to 2012 seem conservative, given MRCB's healthy pipeline of jobs.
"We expect MRCB to capitalise on its role as project delivery partner for the River of Life project, with phase one, worth RM3.3 billion with some visibility on contract awards by year-end," it said.
HwangDBS has nudged up MRCB's target price to RM3,25, after imputing higher earnings and rolling over valuation base to 2012. -- Bernama
HwangDBS Vickers Research, in a note today, said with the coming general election, it was also an ideal proxy, as a government-linked company contractor and developer.
"Our RM700 million to RM800 million per annum new order assumptions for financial years 2011 to 2012 seem conservative, given MRCB's healthy pipeline of jobs.
"We expect MRCB to capitalise on its role as project delivery partner for the River of Life project, with phase one, worth RM3.3 billion with some visibility on contract awards by year-end," it said.
HwangDBS has nudged up MRCB's target price to RM3,25, after imputing higher earnings and rolling over valuation base to 2012. -- Bernama
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