Stock Name: MUDAJYA
Company Name: MUDAJAYA GROUP BHD
FY11 PATAMI grew by7% to RM231m (48.4 sen/share), missing ours and streets' estimates slightly by 2.6% and 3.3% respectively.
Mudajaya's FY11 earnings were largely derived from the Indian IPP project as indicated by the accelerating MI charges over the past quarters. We gather that the Indian project is 35% complete.
Additionally, Mudajaya has officially clinched the civil and structural works portion for the1,000MW Tanjung Bin power plant extension project worth RM1bn. Hence, Mudajaya has an outstanding order book of ~RM3.7bn.
FY12-13earnings reduced by 8% and 1% respectively to better reflect the timing of profit recognition. Maintain BUY call with a TP of RM4.61.
Source: HLB Research 24 Feb 2012
Company Name: MUDAJAYA GROUP BHD
| Research House: HLG | Price Call: BUY | Target Price: 4.61 |
FY11 PATAMI grew by7% to RM231m (48.4 sen/share), missing ours and streets' estimates slightly by 2.6% and 3.3% respectively.
Mudajaya's FY11 earnings were largely derived from the Indian IPP project as indicated by the accelerating MI charges over the past quarters. We gather that the Indian project is 35% complete.
Additionally, Mudajaya has officially clinched the civil and structural works portion for the1,000MW Tanjung Bin power plant extension project worth RM1bn. Hence, Mudajaya has an outstanding order book of ~RM3.7bn.
FY12-13earnings reduced by 8% and 1% respectively to better reflect the timing of profit recognition. Maintain BUY call with a TP of RM4.61.
Source: HLB Research 24 Feb 2012
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