Enhanced visibility. MMC-Gamuda JV's MYR8.28b win for the KVMRT Sg
Buloh-Kajang (SBK) tunnelling works has enhanced its earnings visibility
into 2017, and should provide for earnings growth, at least, into
FY13-14. We raise our earnings forecasts marginally which have earlier
imputed MYR3b job win potential for FY12. Our MYR4.10 RNAV-based target
price is unchanged. Trading at just 12.3x one-year forward earnings (16x
mean), the stock is undervalued. Maintain Buy.
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Source: Maybank Research - 23 April 2012
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