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NewsRHB Research maintains Outperform on Eversendai, FV RM2.15 (5205)
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RHB Research maintains Outperform on Eversendai, FV RM2.15 (5205)
by hlk Fri 22 Jun 2012, 13:48
KUALA LUMPUR: RHB Research Institute is maintaining its Outperform
recommendation on Eversendai with a fair value of RM2.15 after it was
awarded a RM45.9mil contract by Vale.
The research house said on
Friday the contract is to undertake structural steel works for its iron
ore distribution centre project in Teluk Rubiah, Manjung, Perak.
It
added that the latest contract boosted Eversendai's year-to-date new
jobs secured to RM927mil and its outstanding construction orderbook by
2% from RM1.95bil to RM2bil.
“Assuming an EBIT (earnings before
interest and tax) margin of 12%-15%, the contract will fetch RM5.5mil
to RM6.9mil EBIT over the 12-month contract period,” it said. RHB
Research said it was maintaining the forecasts as it had assumed
Eversendai would secure RM1.5bil worth of new jobs in FY12.
recommendation on Eversendai with a fair value of RM2.15 after it was
awarded a RM45.9mil contract by Vale.
The research house said on
Friday the contract is to undertake structural steel works for its iron
ore distribution centre project in Teluk Rubiah, Manjung, Perak.
It
added that the latest contract boosted Eversendai's year-to-date new
jobs secured to RM927mil and its outstanding construction orderbook by
2% from RM1.95bil to RM2bil.
“Assuming an EBIT (earnings before
interest and tax) margin of 12%-15%, the contract will fetch RM5.5mil
to RM6.9mil EBIT over the 12-month contract period,” it said. RHB
Research said it was maintaining the forecasts as it had assumed
Eversendai would secure RM1.5bil worth of new jobs in FY12.
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