New jobs keep flowing in. Eversendai has clinched the structural steel
work for the National Museum of Qatar (Package 2), worth RM134m. This
job came just 5 days after the award of the RM158m Saudi airport work,
proving the vibrancy of the construction landscape in the Middle East.
We expect more job wins both locally and abroad (i.e. Abu Dhabi airport,
local power plants). The stock however remains undervalued at 9.5x 2012
PER despite its consistent job wins and earnings growth. Maintain Buy
and TP of RM2.17 (12x 2012 PER).
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Source: Maybank Research - 19 April 2012
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