KUALA LUMPUR (March 27): OSK Research is maintainind a Buy on Mudajaya at a revised fair value of of RM3.72, based on a sum-of-parts valuation.
It said on Tuesday that during its recent conversation with Mudajaya following the release of its 4QFY11 results, management said works at Chattisgarh were largely on track for all four units to be completed by 3Q13.
“On the domestic front, jobs may continue to flow, with a number of upcoming potential contracts such as civil works for the 1,400MW Prai power plant worth RM250 million, Kinrara-Damansara Expressway worth RM1.5 billion to RM2 billion, LRT depot in Putra Heights worth RM400 million, as well as aerobridges at KLIA2 and the Petronas Solar Farm in Kuantan worth RM100 millio each.
“We continue to like Mudajaya’s relatively attractive valuation, strong contract wins year-to-date, and potential for more contracts. Maintain BUY, at a revised FV of RM3.72, based on SOP valuation,”said OSK Research.
It said on Tuesday that during its recent conversation with Mudajaya following the release of its 4QFY11 results, management said works at Chattisgarh were largely on track for all four units to be completed by 3Q13.
“On the domestic front, jobs may continue to flow, with a number of upcoming potential contracts such as civil works for the 1,400MW Prai power plant worth RM250 million, Kinrara-Damansara Expressway worth RM1.5 billion to RM2 billion, LRT depot in Putra Heights worth RM400 million, as well as aerobridges at KLIA2 and the Petronas Solar Farm in Kuantan worth RM100 millio each.
“We continue to like Mudajaya’s relatively attractive valuation, strong contract wins year-to-date, and potential for more contracts. Maintain BUY, at a revised FV of RM3.72, based on SOP valuation,”said OSK Research.
