KUALA LUMPUR: CIMB Equities Research sees more upside for MUDAJAYA GROUP BHD [] (5.15, Buy) as the likely pick-up in the implementation of private financed initiative (PFI) jobs in the coming months will be positive for Mudajaya while the potential rollout of the LRT first package will provide more visibility on opportunities in mega jobs.
“While we are encouraged that the group is bidding for an ultra mega power plant in India, we are less optimistic that the project will be awarded by end-2010 given the current coal supply issues. Progress on this front would be a bonus,” it said on Tuesday, April 27.
CIMB Research said the upcoming 1Q10 results are likely to beat its numbers and vindicate its expectations of strong earnings for FY10.
The research house said Mudajaya remains a BUY with an unchanged target price of RM7.52 based on a 20% discount to RNAV. Potential share price catalysts include (i) contract awards, both local and overseas, and (ii) completion of financial closure for the IPP, and (iii) swifter-than-expected progress of the ultra mega power plant.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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