Friday, July 8, 2011

KKB rises on Samalaju job

KUALA LUMPUR: KKB ENGINEERING BHD [] shares advanced on Friday, July 8 after the company secured a RM70 million contract from OM Materials (Sarawak) Sdn Bhd for the proposed earthworks package for OM Sarawak Plant at Samalaju Industrial Park.

At 9.35am, KKB rose three sen to RM1.96 with 13,000 shares traded.

OSK Research maintained its Buy call on KKB with a fair value of RM3 based on 10 times FY11EPS

'We continue to remain positive on KKB and expect more contract announcements to flow through post state elections, and remain convinced on their future prospects which remain supported by their solid fundamentals, strong track record and undemanding valuation,' it said in a note July 8.

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