The wait is almost over. Share price has fallen 13% (from peak in Mar
2012) and is below its IPO price of MYR1.70 (listed July 2011). This is a
stark dichotomy to its rising outstanding orderbook (+33% YTD) and
earnings growth (1Q12 net profit: +21% YoY). The construction landscape
in Middle East is still vibrant and Eversendai is the frontrunner for
the MYR850m Abu Dhabi International Airport structural steel job.
Maintain BUY and TP of MYR2.17 (12x 2012 PER).
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Source: Maybank Research - 18 June 2012
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