Maintain Buy. HSL's recent MYR291m job win has lifted its order book
MYR1.3b. Job wins YTD has already exceeded last year's. We are still
positive on the stock. Trading at 9.5x current year earnings, we think
this underscores its strong fundamentals and prospects in Sarawak
construction. Our TP is pegged to 12x FY12 earnings.
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Source: Maybank Research - 6 July 2012
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