Results in line, dividend surprise. Strong 4Q11 net profit of RM36m
(+38% QoQ), brought full-year 2011 net profit to RM120m (+2% YoY),
within expectations. A 1sen single tier DPS was a pleasant surprise.
Eversendai outperformed local construction players due to the timely
execution of jobs in overseas markets. Despite the global economic
slowdown, we still see more jobs flowing from government-funded
projects. Maintain Buy and TP of RM2.17 (12x 2012 PER).
Maybank Research 29 Feb 2012
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