Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD
Target RM2.39
We left our meeting with Ann Joo's MD feeling more positive about its 2H12 prospects as construction of mega projects should gain traction then. A minimum wage policy will have limited direct impact on EPS and management is making good progress in its Petronas steel tender. A contract with Petronas to supply high-grade steel for its oil and gas projects could boost our FY12 pretax profit estimate by up to 30%. We maintain our Trading Buy call and target price basis of 11.3x CY13 P/E. Uncertainty about its blast furnace is why Ann Joo is not an outperform.
Source: CIMB Daybreak - 20 April 2012, Full PDF Report
Company Name: ANN JOO RESOURCES BHD
| Research House: CIMB | Price Call: TRADING BUY | Target Price: 2.39 |
Target RM2.39
We left our meeting with Ann Joo's MD feeling more positive about its 2H12 prospects as construction of mega projects should gain traction then. A minimum wage policy will have limited direct impact on EPS and management is making good progress in its Petronas steel tender. A contract with Petronas to supply high-grade steel for its oil and gas projects could boost our FY12 pretax profit estimate by up to 30%. We maintain our Trading Buy call and target price basis of 11.3x CY13 P/E. Uncertainty about its blast furnace is why Ann Joo is not an outperform.
Source: CIMB Daybreak - 20 April 2012, Full PDF Report
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