March 29, 2012

HwangDBS Research Highlights (GAMUDA, MHB) - 29 March 2012

Stock Name: GAMUDA
Company Name: GAMUDA BHD
Research House: HWANGDBSPrice Call: BUYTarget Price: 4.95

Stock Name: MHB
Company Name: MALAYSIA MARINE AND HEAVY ENG
Research House: HWANGDBSPrice Call: SELLTarget Price: 4.75



Gamuda; Buy; RM3.59
Price Target: RM4.95; GAM MK
Stellar quarter, record year ahead

2Q trump expectations, 2H will be stronger. Raising earnings, election risk overblown. High conviction BUY, TP RM4.95.




Malaysia Marine & Heavy Engineering; Fully Valued; RM5.44
Price Target: RM4.75; MMHE MK
Slow orderbook replenishment
Pasir Gudang yard running at full utilisation. Lacks near-term catalyst; will focus on project execution. Maintain Fully Valued rating and RM4.75 TP.

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