March 20, 2012

Eversendai Corporation: Maintain Buy - Poised to play catch-up

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



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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