BIMB Securities says positive on Econpile’s outlook, keeps target price 91 sen

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KUALA LUMPUR (Nov 14): BIMB Securities Research has maintained its Neutral rating on Econpile Holdings Bhd at 96 sen with a target price of 91 sen and said it was positive with Econpile’s outlook moving forward given its strong presence in the piling and foundation services industry.

In a company update Friday, BIMB Securities said Econpile had received a Letter of Award from CRCC Malaysia Bhd on 7th November 2014 for piling, earthworks and basement substructure works of a condominium development project at Persiaran Stonor, Kuala Lumpur worth about RM30 million.

“We are positive with the contract but have already assumed as part of our FY15 orderbook replenishment, hence no change to our earnings projection and maintain our target price at 91 sen. Neutral,” it said.