Monday, 16 April 2012

Eversendai up on new Saudi project

KUALA LUMPUR (April 16): Eversendai Corp Bhd shares edged up on Monday afer the company secured a 193 million riyal (RM158 million) structural steel job for the railway station at King Abdul-Aziz International Airport in Saudi Arabia.

The company said last Friday that it ha been appointed as subcontractor for the project by Saudi Binladin Group Architecture & Building CONSTRUCTION [] Division.

At 9.10am, Eversendai was up five sen to RM1.70 with 32,800 shares done.

RHB Research Institute Sdn Bhd in a note April 16 said the latest contract had boosted Eversendai’s year-to-date new jobs secured to RM710 million and its outstanding construction orderbook by 12% from RM1.37 billion to RM1.53 billion.

“Assuming an EBIT margin of 12-15%, the contracts will fetch RM19.0-23.7m EBIT over the contract period ending 2013.

“Forecasts are maintained as we have already assumed in our forecasts Eversendai to secure RM1.5 billion worth of new jobs in FY12/12. Maintain Outperform. Fair value is RM2.15,” it said.

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