Get a free trial on EXPERT STOCK SCREENER!
KKB’s full year results came in 9.1% above our expectations, with earnings hitting a
historical high. Its FY10 numbers soared by a robust 111.1% y-o-y, spurred primarily
by heightened activities at its engineering and construction division, which
contributed 76% of its full-year topline. We expect the company’s projects
momentum to carry over into FY11 on the back of the potential upcoming state
election by July, and hence revise upwards our earnings estimate by 8.7% for FY11.
Our higher fair value of RM3.00 is derived from 10x FY11 EPS. Maintain Buy.
Subscribe to:
Post Comments (Atom)