Tuesday, 13 March 2012

Mudajaya up amid broader cautious market

KUALA LUMPUR (March 13): Shares of MUDAJAYA GROUP BHD [] were traded higher in the afternoon session on Tuesday despite the market turning cautious as the recent Tanjung Bin contract and strong earnings supported its share price.

At 3.36pm, Mudajaya was up 10 sen to RM3.19. There were 2.31 million shares done at prices ranging from RM3.07 to RM3.20.

The FBM KLCI was just up 0.93 of a point to 1,565.68. Turnover was 819.13 million shares valued at RM910.89 million. There were 228 gainers, 438 losers and 352 stocks unchanged.

OSK Research had in a recent report said the CONSTRUCTION [] company’s FY11 FY11 net profit of RM231 million came in within its and consensus estimates, aided by a favourable tax rate of 5.8%.

At the pretax level, earnings lagged both estimates by 21.1% and 12.3% respectively, owing to lower construction margins recognised and start-up expenses for its associate.

Mudajaya had also secured the RM1 billion civil works contract of the Tanjung Bin plant extension.

“Maintain BUY with our FV marginally lowered to RM3.88,” said OSK Research.

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