Another high-profile power plant job. Eversendai has clinched the
mechanical erection work for Tg Bin, worth RM367m. No change to our
forecasts, as we have imputed potential job wins into our model.
Additionally, we expect its upcoming 4Q11 results (due on 28th or 29th
Feb) to meet our and street estimates. Despite the global economic
slowdown, we still see more jobs flowing from government-backed
projects. Maintain Buy and TP of RM2.17 (12x 2012 PER).
Maybank Research - 24 Feb 2012
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