Mudajaya’s 3Q FY09 results to be released this Wednesday are likely to beat our expectations. Guidance is for a y-o-y and q-o-q increase driven primarily by domestic jobs and Phase 1 of the Chhattisgarh IPP venture gaining traction. We expect the debt portion for Phase 2 to be fully secured by year end. Potential jobs include ventures into Vietnam and Saudi Arabia, the LRT extension and the KLIA-LCCT track transit. Any earnings adjustments are likely to be upside biased. Maintain BUY.
Subscribe to:
Post Comments (Atom)