Eversendai (BUY) - Secures KAIA railway station

Stock Name: SENDAI
Company Name: EVERSENDAI CORPORATION BERHAD

Research House: HLG

Price Call: BUY

Target Price: 2.00

Eversendai (BUY)

Secures KAIA railway station

• Eversendai has secured SAR193m (~RM158m) structural steel works fromSaudi Binladin Group for King Abdul-Aziz International Airport (KAIA) railwaystation. The project is anticipated to be completed in 2013.
• The latest award is Eversendai's sixth major contract won and the secondlargest award for FY12, bringing its YTD new contracts won to RM625m. Thelatest order brings Eversendai's outstanding order book to ~RM2.0bn,translating to ~1.9x FY11's revenue and ~1.6x order book-to-market cap ratio.
• Maintain BUY with a TP of RM2.00 based on 12x average FY12-13 earnings.

Source: HLIB Research - 16 April 2012