KUALA LUMPUR: OSK Research is maintaining its Buy call on AHMAD ZAKI RESOURCES BHD [] (AZRB) at a target price of RM1.55 based on 12 times FY11 earnings.
AZRB announced on Monday, Jan 31 it had won a RM125 million contract for a public housing job in Terengganu.
OSK Research said on Wednesday, Feb 2 the management was positive on RM500 million to RM600 million in new wins this year. The potential jobs include packages of the East Coast Expressway (RM140 million) and private finance initiative campus job (RM400 million).
'The approved sale of EPIC at RM112 million would move AZRB into a net cash position. No changes to our earnings estimates as the job wins are still within our RM400 million replenishment target. Maintain BUY at a RM1.55 TP based on 12x FY11 earnings,' it said.
AZRB announced on Monday, Jan 31 it had won a RM125 million contract for a public housing job in Terengganu.
OSK Research said on Wednesday, Feb 2 the management was positive on RM500 million to RM600 million in new wins this year. The potential jobs include packages of the East Coast Expressway (RM140 million) and private finance initiative campus job (RM400 million).
'The approved sale of EPIC at RM112 million would move AZRB into a net cash position. No changes to our earnings estimates as the job wins are still within our RM400 million replenishment target. Maintain BUY at a RM1.55 TP based on 12x FY11 earnings,' it said.
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