KUALA LUMPUR: Shares of small capitalised builders Mitrajaya and Kimlun were among the major gainers in a cautious market in late afternoon on Tuesday, April 5.
At 3.40pm, Mitrajaya was up 16 sen to RM2.46 with 1.99 million shares and Kimlun advanced 11 sen to RM1.90. Mudajaya rose 14 sen to RM5.04.
Last Friday, April 1, Mitrajaya's unit has accepted the RM90.78 million contract for the extension project of the Ampang light rail transit (LRT) line in Kinrara.
As for Kimlun, Amresearch had reiterated its BUY call with an unchanged fair value of RM2.25 a share ' maintaining its 9.0 times multiple to its average FY11F-13F earnings per share and an addition of the group's latest net cash position of 35 sen a share.
'The multiple is a 20% discount to the mid-cap CONSTRUCTION [] play's long-term PE to reflect the group's rather enclosed activity base in Johor,' said the research house.
Meanwhile, OSK Research is maintaining a Buy on Mudajaya with a fair value of RM7.44. It said the actual award of the Janamanjung civil works to Mudajaya was expected to provide the upside to its earnings estimates, mainly from FY12 onwards, as it had only imputed a conservative RM200 million in annual orderbook replenishment.
At 3.40pm, Mitrajaya was up 16 sen to RM2.46 with 1.99 million shares and Kimlun advanced 11 sen to RM1.90. Mudajaya rose 14 sen to RM5.04.
Last Friday, April 1, Mitrajaya's unit has accepted the RM90.78 million contract for the extension project of the Ampang light rail transit (LRT) line in Kinrara.
As for Kimlun, Amresearch had reiterated its BUY call with an unchanged fair value of RM2.25 a share ' maintaining its 9.0 times multiple to its average FY11F-13F earnings per share and an addition of the group's latest net cash position of 35 sen a share.
'The multiple is a 20% discount to the mid-cap CONSTRUCTION [] play's long-term PE to reflect the group's rather enclosed activity base in Johor,' said the research house.
Meanwhile, OSK Research is maintaining a Buy on Mudajaya with a fair value of RM7.44. It said the actual award of the Janamanjung civil works to Mudajaya was expected to provide the upside to its earnings estimates, mainly from FY12 onwards, as it had only imputed a conservative RM200 million in annual orderbook replenishment.
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