Visit Note:
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
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