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Published: Friday June 22, 2012 MYT 8:39:00 AM
RHB Research maintains Outperform on Eversendai, FV RM2.15
KUALA LUMPUR: RHB Research Institute is maintaining its Outperform recommendation on Eversendai with a fair value of RM2.15 after it was awarded a RM45.9mil contract by Vale.
The research house said on Friday the contract is to undertake structural steel works for its iron ore distribution centre project in Teluk Rubiah, Manjung, Perak.
It added that the latest contract boosted Eversendai's year-to-date new jobs secured to RM927mil and its outstanding construction orderbook by 2% from RM1.95bil to RM2bil.
“Assuming an EBIT (earnings before interest and tax) margin of 12%-15%, the contract will fetch RM5.5mil to RM6.9mil EBIT over the 12-month contract period,” it said. RHB Research said it was maintaining the forecasts as it had assumed Eversendai would secure RM1.5bil worth of new jobs in FY12.
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