KUALA LUMPUR (March 5): CIMB Equities Research is maintaining its Buy and RM3.45 target price.
“Positives from the group’s maiden briefing last Friday reinforced our trading-oriented Buy recommendation. Though there were no major surprises, we were encouraged that management was more upfront on its target jobs and strategies,” it said on Monday.
CIMB Research it appears that there is a high chance of more power plant-related jobs in the pipeline, which should add to the expected positive news flow from the roll-out of other jobs under the 10MP and ETP.
“There should also be excitement on the potential winners of the MRT elevated packages which will be awarded over the next six months. We make no changes to our EPS forecasts as we continue to assume RM1.5bn worth of new jobs in 2012,” it said.
CIMB Research said its RM3.45 target price remains pegged to 40% discount to RNAV. Project wins continue to be the stock’s key potential catalyst,” it said.
“Positives from the group’s maiden briefing last Friday reinforced our trading-oriented Buy recommendation. Though there were no major surprises, we were encouraged that management was more upfront on its target jobs and strategies,” it said on Monday.
CIMB Research it appears that there is a high chance of more power plant-related jobs in the pipeline, which should add to the expected positive news flow from the roll-out of other jobs under the 10MP and ETP.
“There should also be excitement on the potential winners of the MRT elevated packages which will be awarded over the next six months. We make no changes to our EPS forecasts as we continue to assume RM1.5bn worth of new jobs in 2012,” it said.
CIMB Research said its RM3.45 target price remains pegged to 40% discount to RNAV. Project wins continue to be the stock’s key potential catalyst,” it said.
