Eversendai (BUY) - 2nd deal for Qatar National Museum

Stock Name: SENDAI
Company Name: EVERSENDAI CORPORATION BERHAD

Research House: HLG

Price Call: BUY

Target Price: 2.00

Eversendai (BUY)

2nd deal for Qatar National Museum

• Awarded QAR160m (~RM134m) structural steel project from HyundaiEngineering & Construction for Package 2 of the Qatar National Museum. The project isanticipated to be completed in 2013.
• The latest order brings Eversendai's outstanding order book to ~RM2.1bn,translating to ~2.1x FY11's revenue and ~1.6x order book-to-market cap ratio.Assuming a PAT margin of 10%, the latest order translates to ~1.2 sen/share forthe company (after adjusting for its 70% stake).
• Maintain BUY with TP of RM2.00 based on 12x averageFY12-13 earnings.

Source: Hong Leong Investment Bank Research - 19 April 2012