KUALA LUMPUR (Jan 22): Shares of Econpile Holdings Bhd (fundamental: 1.55; valuation: 0.30) rose on Thursday morning after the company secured a piling job worth RM129 million.

At 10.54am, Econpile rose 8.99% or 8 sen to 97 sen with 2.68 million shares done.

Econpile on Wednesday said its unit had secured a RM129 million piling job from Damai City Sdn Bhd.

It said the job comprises bored piling, earthworks, foundation and substructure works of a mixed development project at Jalan Conlay, Kuala Lumpur.

Meanwhile, AmResearch Sdn Bhd has maintained its “Buy” rating on Econpile with a higher fair value if RM1.40 (from RM1.28) and said the latest contract win had boosted Econpile’s new order win for YTD FY15F to RM330 million, which exceeded the research house’s previous assumption of RM320 million.

“We have thus increased our new order win assumption to RM400 million (FY14: RM522.6 million).

“We think that this achievable as demand for piling jobs remain robust with only a few key piling specialists in the market,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company's financial dashboard.)