Ann Joo Resources - Prospects are heating up

Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD

Research House: CIMB

Price Call: TRADING BUY

Target Price: 2.39

Target RM2.39

At 98% of our forecast and 100% of consensus estimates, FY11 core net profit was in line. While the steel outlook is cautious, domestic prospects are improving. EPS is likely to get a boost from a RM200m p.a. Petronas contract and a 7% p.a. output lift from the MRT in 2H12.

Source: CIMB Daybreak February 29, 2012, Full PDF Report