KUALA LUMPUR (Jan 10): CIMB Equities Research said Mudajaya Corp Bhd’s 49% share price plunge last year due to concerns over the delay of its Indian independent power project and surprise changes at the helm present a good opportunity to ride on the rollout of major projects under the Economic Transformation Programme and 10th Malaysia Plan in 2012.
“Upside could be fairly limited because of macro fears," it said on Tuesday.
"We make no changes to our forecasts or BUY call but raise our RNAV discount from 30% to 40% as we downgrade the CONSTRUCTION [] sector from Overweight to Trading Buy."
CIMB Research said its target price was lowered from RM4.81 to RM3.43 while the main potential re-rating catalyst was contract wins.
“Upside could be fairly limited because of macro fears," it said on Tuesday.
"We make no changes to our forecasts or BUY call but raise our RNAV discount from 30% to 40% as we downgrade the CONSTRUCTION [] sector from Overweight to Trading Buy."
CIMB Research said its target price was lowered from RM4.81 to RM3.43 while the main potential re-rating catalyst was contract wins.
