Wednesday, August 28, 2013

Eversendai : Maiden exposure to war torn Iraq (MIDF)

Eversendai Corporation Bhd
Maintain BUY
Price (26th Aug 2013) RM1.56
Target Price RM1.73
Maiden exposure to war torn Iraq

Eversendai secured RM24.7m oil and gas contract job from Petronas Carigali Iraq Holding B.V.
The contract is expected to commence and be completed within this year.
The contract adds slightly to the existing outstanding orderbook of RM1.5b.
We reaffirm our BUY call on Eversendai with an unchanged target price of RM1.73.

The Contract. Eversendai has secured RM24.7m oil and gas contract job from Petronas Carigali Iraq Holding B.V. to supply and deliver Fuel Gas Conditioning Unit (GFCU) and associated equipment at the 15 megawatt power plant for Garraf Development Facility Operation.


The Timeline. We expect this project would both commence and be completed by end of this year.

Marginal boost to existing orderbook. With this contract in hand, it will add marginally to Eversendai’s outstanding orderbook of RM1.5b, which will keep it busy until 2015.

Forecast maintained. We are maintaining our earnings forecast as the project value is within our new contracts assumption of RM1.2b for 2013.

We reaffirm our BUY call on Eversendai with an unchanged target price of RM1.73 which is currently under review. Our target price is pegged at PE multiple of 9.6x to FY13 EPS of 18.0 sen.


Source/Extract/Excerpts/来源/转贴/摘录: MIDF-Research,
Publish date: 27/08/13

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