February 29, 2012

Eversendai Corporation: Maintain Buy - Strong order book to sustain growth

Stock Name: SENDAI
Company Name: EVERSENDAI CORPORATION BERHAD
Research House: MAYBANKPrice Call: BUYTarget Price: 2.17



Results in line, dividend surprise. Strong 4Q11 net profit of RM36m (+38% QoQ), brought full-year 2011 net profit to RM120m (+2% YoY), within expectations. A 1sen single tier DPS was a pleasant surprise. Eversendai outperformed local construction players due to the timely execution of jobs in overseas markets. Despite the global economic slowdown, we still see more jobs flowing from government-funded projects. Maintain Buy and TP of RM2.17 (12x 2012 PER).

Maybank Research 29 Feb 2012

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