Bursa Malaysia Stock Watch

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Thursday, April 19, 2012

Eversendai (BUY) - 2nd deal for Qatar National Museum

Eversendai (BUY)

2nd deal for Qatar National Museum

Awarded QAR160m (~RM134m) structural steel project from Hyundai Engineering & Construction for Package 2 of the Qatar National Museum. The project is anticipated to be completed in 2013.
The latest order brings Eversendai’s outstanding order book to ~RM2.1bn, translating to ~2.1x FY11’s revenue and ~1.6x order book-to-market cap ratio. Assuming a PAT margin of 10%, the latest order translates to ~1.2 sen/share for the company (after adjusting for its 70% stake).
Maintain BUY with TP of RM2.00 based on 12x average FY12-13 earnings.

Source: Hong Leong Investment Bank Research - 19 April 2012

Bursa Malaysia Stock Watch

Thursday, April 19, 2012

Eversendai (BUY) - 2nd deal for Qatar National Museum

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