Consistent job flow. Eversendai has clinched the MYR46m contract from
Vale to supply structural steel for its iron ore distribution centre in
Manjung, Perak. We see more jobs from this Vale project as Eversendai is
also bidding for the erection portion. Despite its solid fundamentals
(rising outstanding orderbook and earnings growth), share price is still
below its IPO price of MYR1.70. Strong catalysts will come from its
potential big jobs from Abu Dhabi and Azerbaijan. Maintain BUY and TP of
MYR2.17 (12x 2012 PER).
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Source: Maybank Research - 22 June 2012
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