BUY, with a raised MYR2.25 target price. Job wins of MYR472m YTD have
surpassed 2011’s MYR313m, lifting outstanding order book to MYR1.3b.
This will underpin record earnings in FY12, sustainable into FY13.
Active tendering continues, with sizeable jobs worth up to MYR1b to be
awarded in the next 6-9 months. We raise FY12-13 earnings forecasts by
7% p.a., and 12M TP by 7%. Current valuations are undemanding at 8.4x
12M forward earnings (and just 5.5x ex- cash and property land bank BV
of 56sen/share) for its growth potential.
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Source: Maybank Research - 31 July 2012
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