<div class=newsTextDataWrapInner><p><strong>Eversendai Corp Bhd<br />
(Dec 23, RM0.51)</strong><br />
<strong>Maintain “neutral” with a lower target price (TP) of 54 sen from 73 sen</strong> previously based on eight times (from 10 times) revised financial year 2015 forecast (FY15F) earnings per share, at a discount to our one-year forward sector target price-earnings ratio of 10 times to 16 times. This is because Eversendai’s earnings risk has risen, given its Middle East exposure.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>The recent collapse in crude oil prices will have a negative bearing on oil wealth, and hence impede the ability of certain oil-exporting countries in the Middle East to continue with their spending on lavish projects.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>This does not augur well for Eversendai, which derives about 80% of its revenue and 50% of its profits from the Middle East. Its current order backlog of RM1.6 billion will only lend earnings visibility over the next 18 months.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>We cut our FY15F and FY16F earnings by 8% and 21%, respectively to factor in a lower job win assumption of RM800 million per annum (from RM1.2 billion).</p></div>

<div class=newsTextDataWrapInner><p>While we acknowledge that Eversendai is a globally competitive structural steel contractor, it needs to more effectively monetise its strengths before a stock rerating can ensue. — RHB Research, Dec 23</p></div>

<div class=newsTextDataWrapInner><p><img alt="Eversendai_24dec14_theedgemarkets" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Eversendai_24dec14_theedgemarkets.png" style="height:286px; width:400px" /></p></div>

<div class=newsTextDataWrapInner><p>This article first appeared in <em>The Edge Financial Daily</em>, on December 24, 2014.</p></div>


Eversendai Corp Bhd
(Dec 23, RM0.51)
Maintain “neutral” with a lower target price (TP) of 54 sen from 73 sen previously based on eight times (from 10 times) revised financial year 2015 forecast (FY15F) earnings per share, at a discount to our one-ye...

Middle East exposure hurts Eversendai’s prospects 

(April 19): Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.

Contract closings decreased 4.3% from a month earlier to a 4.19 million annualized rate, according to National Ass...

US existing-home sales decline as rates keep buyers sidelined

Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a US official, days after Iran launched a drone strike on Israel in response to an attack at the Iranian embassy in Syria.

Israeli missiles hit site in Iran — report

KUALA LUMPUR (April 19): Shares of Awanbiru Technology Bhd (Awantec) fell as much as 53% on Friday, prompting Bursa Malaysia to suspend the counter’s intraday short selling (IDSS). 

Awantec’s share price tumbled to a low of 15 sen during the morning session, its lowest since March ...

Awantec shares plunge 53%, intraday short selling suspended 

Apple removed Meta Platforms' WhatsApp and Threads from its App Store in China on Friday after the iPhone maker was ordered by the Chinese government.

Apple removes WhatsApp, Threads from China app store on govt order

Asian shares and bond yields sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities.

Stocks sink, oil surges on reports of Middle East attacks

Bursa Malaysia started the morning trading in positive territory, attributed to broad-based buying in response to a regional recovery, with investors seen focusing on counters with high cash reserves.

Bursa opens higher on buying sentiment

The ringgit opened easier against the US dollar on Friday as the greenback strengthened further following the Federal Reserve’s (Fed) official hawkish stance.

Ringgit opens lower against dollar on US Fed’s hawkish stance

Volvo Car Malaysia will host the Volvo Birthday Sale to celebrate the marque's 97th anniversary this month, offering the grand birthday prize of a trip to Sweden for two worth up to RM50,000.

Volvo Car Malaysia celebrates 97th birthday with special deals for customers

Hong Leong Investment Bank (HLIB) expects Bursa Malaysia Bhd’s earnings for the first quarter to rise 34% year-on-year to RM75 million, amid the expectation of higher securities average daily value (ADV) and derivatives average daily contract (ADC).

HLIB sees Bursa Malaysia’s 1Q earnings rising 34% y-o-y 

Foreign investors continued purchasing Japanese stocks in the week to April 12, driven by a weaker yen and robust performance in chip-related stocks.

Foreigners remain buyers of Japanese stocks in week to April 12

<p>KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:</p>

<p>Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of <strong>HeiT...

HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

<p>PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.</p>


PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

<p>FE Green Pet (M) Sdn Bhd’s new high-tech recycling factory is expected to make Melaka a green investment destination and complement the economic growth strategy in the state, said Melaka Chief Minister Datuk Seri Ab Rauf Yusoh.</p>

<p>He said with an investment totalling approximately RM958 million, the plant on 14 hectares of land is projected to be completed by 2Q 2025, creating almost 500 jobs.</p>


RM958 mil high-tech recycling factory puts Melaka on green investors map — Ab Rauf

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<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>Swiss state prosecutors are seeking long prison terms for two men accused of embezzling US$1.8 billion from 1Malaysia Development Bhd (1MDB) — Saudi-Swiss businessman Tarek Obaid and his Swiss-British business partner Patrick Mahony, the AFP reported.</p>


Swiss prosecutors seek long jail terms for duo in US$1.8bil 1MDB fraud — report

<p>The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.</p>


 Sarawak aiming to transform itself into a centre for clean hydrogen energy

<p>Asian shares and bond yields sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities.</p>


<p>The US on Thursday effectively stopped the United Nations from recognising a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.</p>


US stops UN from recognising a Palestinian state through membership

<p>The amount of reserves in banking system — a key determinant for the Federal Reserve to continue shrinking its balance sheet — dropped by the most in two years as Americans paid income tax bills out of their bank accounts.</p>


US bank reserve balances see largest drop since 2022 tax season

<p>The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower for the fifth consecutive day, said palm oil trader David Ng.</p>

<p>He said the weaker soybean oil market and lower crude oil prices continue to pile pressure on prices.</p>


CPO futures end lower for 5th consecutive trading day

<p>Chinese government-linked hackers have burrowed into US critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI director Christopher Wray said on Thursday.</p>


FBI says Chinese hackers preparing to attack US infrastructure

<p>Federal Reserve policymakers have coalesced around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a still-strong US economy.</p>


US Fed policymakers agree there's no urgency to cut rates

<p>Cocoa futures hit a new high in New York — topping US$11,000 (RM52,624) a metric tonne — as the pace of processing in chocolate factories holds up even in the face of a global supply crunch and record prices.</p>


Cocoa soars above US$11,000 a tonne as processing pace holds up

<p>RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.</p>


Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

<p>RHB Retail Research said Muhibbah Engineering (M) Bhd may be headed for an uptrend after rebounding strongly from a recent pullback and pushing past the 21-day simple moving average line.</p>


Muhibbah Engineering may be headed for uptrend, says RHB Retail Research 

<p>Rakuten Trade said United U-Li Corporation Bhd may trend higher after breaking out from its two-week bullish flag pattern with a long white candle on Thursday.</p>


United U-Li Corp may trend higher, says Rakuten Trade 

<p>US stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.</p>


Stocks end near flat as investors assess earnings, data

<p>The remains of the late Tan Sri Joseph Kurup arrived at the Kota Kinabalu International Airport here at 11.20pm on a commercial flight.</p>

<p>The flight which was initially scheduled at 9.15am on Thursday was cancelled due to ash clouds from Mount Ruang’s volcanic eruption in North Sulawesi, Indonesia, engulfing the air space.</p>


Remains of late Joseph Kurup arrive in Kota Kinabalu on Thursday night

<p>Dubai Airports Chief Operating Officer (COO), Majed Al Joker announced that Dubai International Airport (DXB) will resume normal operations within 24 hours, signifying a return to its full capacity and regular schedule.</p>


Dubai International Airport set to resume full operations within 24 hours

<p>Hong Leong Investment Bank (HLIB) said Kimlun Corp Bhd’s earnings is primed for promising prospects in FY2024-25, underpinned by an unbilled orderbook of RM2.48 billion (3.0x cover on FY2023 revenue and the highest achieved since FY2018), with 85% dedicated to construction and the remaining to precast manufacturing.</p>
