Thursday, 19 April 2012

RHB Research maintains Outperform on Eversendai, fair value RM2.15

KUALA LUMPUR (April 19): RHB Research Institute Sdn Bhd has maintained its Outperform rating Eversendai Corp Bhd with a fair value of RM2.15 after the company was awarded a contract by Hyundai Engineering & CONSTRUCTION [] Co Ltd structural steel works worth RM134m for the National Museum of Qatar (Phase 2) project.

The research house in a note Thursday said the latest contract boosted Eversendai’s yer-to-date new jobs secured to RM844 million and its outstanding construction orderbook by 9% from RM1.53 billion to RM1.67 billion.

“Assuming an EBIT margin of 12-15%, the contract will fetch RM16.1-20.1 million EBIT over the contract period ending 2013.

“Forecasts are maintained as we have already assumed 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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