KUALA LUMPUR: RHB Research Institute has raised MALAYSIAN RESOURCES CORP [] Bhd (MRCB) Fair Value from RM2.48 to RM2.65 and is maintaining a Trading Buy.
It said on Monday, Jan 10 it was raising the FY12/11-12 net profit forecasts by 21%-22% each as it now assumes MRCB to secure RM2 billionn worth of new contracts per annum (vis-''-vis RM1 billion to RM1.5 billion previously), given the even better prospects of it winning new CONSTRUCTION [] jobs.
RHB Research has quoted The Edge weekly as reporting that MRCB, via a joint venture with Ekovest, was 'on the verge' of being awarded the clean-up job of the KL side of the Klang River worth RM8 billion.
'Assuming a 50:50 equity structure, 10% PBT margin and 25% tax, a 50% share of the RM8 billion contract will fetch RM300 million nominal net profit, translating to 22 sen per MRCB share,' it said.
It said on Monday, Jan 10 it was raising the FY12/11-12 net profit forecasts by 21%-22% each as it now assumes MRCB to secure RM2 billionn worth of new contracts per annum (vis-''-vis RM1 billion to RM1.5 billion previously), given the even better prospects of it winning new CONSTRUCTION [] jobs.
RHB Research has quoted The Edge weekly as reporting that MRCB, via a joint venture with Ekovest, was 'on the verge' of being awarded the clean-up job of the KL side of the Klang River worth RM8 billion.
'Assuming a 50:50 equity structure, 10% PBT margin and 25% tax, a 50% share of the RM8 billion contract will fetch RM300 million nominal net profit, translating to 22 sen per MRCB share,' it said.
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