KUALA LUMPUR (Feb 13): OSK Research said MMC Corp’s appointment as the joint project delivery partner (PDP) for the MRT’s SBK line together with Gamuda leads it to tweak up its FV to RM3.70 given the positive sentiment.
“While MMC’s share price has jumped by some 20% over the past 2 months on anticipation of the MRT jobs, we believe that the award of the MRT’s tunneling portion and the IPO of Gas Malaysia will further spur sentiment although we have priced these into our new SOP FV of RM3.70.
“The longer term catalysts are Malakoff’s re-listing and the acquisition of KTMB. MMC remains a Trading Buy,” said OSK Research.
“While MMC’s share price has jumped by some 20% over the past 2 months on anticipation of the MRT jobs, we believe that the award of the MRT’s tunneling portion and the IPO of Gas Malaysia will further spur sentiment although we have priced these into our new SOP FV of RM3.70.
“The longer term catalysts are Malakoff’s re-listing and the acquisition of KTMB. MMC remains a Trading Buy,” said OSK Research.
