Mudajaya (BUY)
Powering the future
- We returned on a positive note following Mudajaya’s investors presentation last Friday whereby Mr. Anto, Group MD & CEO, and other senior management personnel were present.
- Progress for the India IPP has been substantial, with ~US$570m worth of EP works outstanding equivalent to 40% completion is on track for commercial operations by year end.
- Suruhanjaya Tenaga is targeting for additional 4,500MW gas-fired and 1,000MW coal-fired capacity to be awarded by 2016. This will translate to ~RM3bn power-related civil works up for grabs, an area where Mudajaya has an edge over its competitors. Besides power projects, Mudajaya has also bid for ~RM2.8bn worth of jobs ranging from MRT/LRT packages to KLIA2 Aerobridge.
- Maintain BUY with TP of RM4.61 based on SOP valuation.
Source: HLIB Research 5 March 2012
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