KUALA LUMPUR (Oct 29): Malaysian Resources Corp Bhd (MRCB) shares were up by 9 sen, or 7.6% this morning to RM1.28, on news it scored a hat-trick with two major job wins and an announcement of a joint venture partnership.

The property development and construction outfit had announced yesterday that it had secured jobs for developing and constructing the Kwasa Utama commercial development worth RM3.15 billion, and for regenerating facilities at the National Sports Complex in Bukit Jalil, Kuala Lumpur, worth RM1.63 billion.

To top it all, the group also announced that it will be taking up a 70% stake in joint venture company CSB Development Sdn Bhd, which will purchase and undertake the Cyberjaya City Centre project comprising residential units, retail and commercial space with a reported gross development value of close to RM10 billion.

In a note today, Affin Hwang Capital said that it is maintaining its "buy" call on MRCB with a target price of RM1.44.

"There is potential upside to our forward earnings forecasts and revised net asset value (RNAV) from these three projects. Financing and execution risks are the key concerns given the large scale of the projects. We reiterate our 'buy' call on MRCB with a target price of RM1.44, based on 40% discount to RNAV," said Affin Hwang.

At 10.57am, MRCB shares were trading at RM1.26, up seven sen or 5.9% from its close yesterday, with 8.79 million shares traded and a market capitalisation of RM2.13 billion.

(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.)