Construction laggard. Eversendai's share price has barely moved since
its IPO in Jul 2011, while the local small- mid-cap construction stocks
has run up 44% YTD. 2012 earnings are already in the bag, given its
outstanding order book of RM1.9b. We believe a re-rating will
materialise as company consistently secures new wins and delivers on
earnings growth. Maintain Buy and TP of RM2.17 (12x CY12 PER).
Maybank Research 20 March 2012
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