Mitrajaya 3Q results to match 2Q, says HLIB Research

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KUALA LUMPUR (Nov 14): Hong Leong IB Research (HLIB) has maintained its Buy rating on Mitrajaya Holdings Bhd with a target price of RM1.52 and said there was potential for the company to clinch another contract (RM200-250 million) by year end.

In a results preview note Friday, HLIB said year-to-date job wins for Mitrajaya were at a record RM949 million, for the fifth consecutive year of growth (CAGR: 72%).

“Strong take up for Wangsa 9 after 1st week of launch at 80%.

“Expect 3Q results (26 Nov) to at least match 2Q. Upside to forecast, maintain Buy (TP: RM1.52), our top small cap construction pick,” it said.