Eversendai Corp Bhd
(April 9, 54.5 sen)
Downgrade to sell with an unchanged target price of 52 sen: Eversendai Corp has secured three construction projects with a total value of RM196 million, comprising structural steel works for two high-rise building projects in Qatar and a museum project in the United Arab Emirates (UAE).
The works are for connection design, engineering, fabrication, supply and installation of structural steel works, metal decking and fireproofing works for the Albaker Hotel Tower 1 & 2 in Doha, Qatar; shop and fabrication drawings, supply fabrication and shear stud fixing, blasting, primer and delivery of composite beam to site for the Abraj Al Tahwiliya (QIMC Tower at West Bay) in Doha, Qatar; and connection design, fabrication, supply, erection, painting and fireproofing of structural steel works in Abu Dhabi, UAE.
To date, Eversendai has secured RM602 million of new jobs. Its outstanding order book is estimated at RM2.52 billion, translating into 1.48 times the financial year ended Dec 31, 2018 (FY18) revenue. Its tender book stands at RM10 billion. — TA Securities, April 9