Kenanga maintains underperform, TP of 50.5 sen on Eversendai – Enterprise Information

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KUALA LUMPUR: Kenanga analysis maintained its underperform ranking on Eversendai Corp Bhd with an unchanged goal worth of 50.5 sen on information the group has secured RM321mil in new tasks.

In accordance with the analysis home, the brand new contracts deliver the group’s year-to-date replenishment to RM1.44bil, which exceeds its assumptions of RM1.2bil however provides to its FY19 replenishment assumptions of RM1.3bil, making up 19% of the replenishment goal.

“We make no adjustments to our FY18-19E CNP because the contract wins kinds a part of our order-book replenishment assumptions.”

Kenanga addded that the works are anticipated to begin in 2019 provided that there are solely two working days left to 2018. 

“Assuming a median PBT margin of 4% and a 36-month span for the contracts, the tasks are anticipated to contribute c.RM3.1m every year to the bottom-line,” it mentioned.

The analysis home mentioned Eversendai’s excellent order ebook stands at about RM2.43bil, which gives visibility for the subsequent one to 1.5 years.

It added that the group has obtained cost of US$36mil for its first raise boat to Vahana in 2Q18. 

“We consider that it’ll not be lengthy earlier than SENDAI receives its remaining cost of USD54m and we count on its web gearing to return off to c.0.81x (from 1.06x as of 3Q18).”

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