Stock Name: WASEONG
Company Name: WAH SEONG CORPORATION BHD
Company Name: WAH SEONG CORPORATION BHD
| Research House: CIMB | Price Call: BUY | Target Price: 2.35 |
Target RM2.35
Order book replenishment was the main talking point at our recent meeting with management. Up for grabs is Petronas's Turkmenistan pipe coating contract for which Wah Seong is believed to be a strong contender. Expect upside to its current order book of RM1.2bn. Our target price rises as we now value the stock at our revised CY13 target market P/E of 13x instead of 12.6x. Wah Seong remains an Outperform due to its bright order book prospects.
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