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[公司专区] 5205 SENDAI 艾華仙台

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发表于 2012-11-30 09:36 | 显示全部楼层
Lessons from Eversendai in securing projects overseas

SERI KEMBANGAN: Construction companies keen to undertake overseas projects should not only be financially sound but must be also prudent and careful when taking up these projects, says a leading industry player.

Sharing his experiences, Eversendai Corp Bhd’s group managing director, Datuk A.K. Nathan, said doing overseas jobs came with their own set of challenges.“If one can take extra care, have a hands-on approach from top level and have reliable and trustworthy people to manage, yes, one can be successful in the international market,” he told Bernama on the sidelines of the International Constructional Steel Conference 2012 here.

Nathan earlier presented a talk on the challenges in managing overseas projects, the role of structural steel in the Industrialised Building System and his group’s success in some of the iconic projects locally and overseas. He said companies venturing overseas should also not depend on a single client or country and that they should spread out.

Otherwise it would be risky, especially when there is a crisis.

He cited that Eversendai started its overseas venture in Singapore without assistance from the Government and worked up its presence to six countries currently.

Nathan also called on local players wishing to go overseas to understand the local norms of doing business in the respective countries they want to venture into.

“One must understand the culture, the people, the mentality and how people go about doing work, contracts, contractual terms and also the management of the workforce and the local costs.”

Costing is very critical, he said, adding that if it is not done right, companies could end up losing money. – Bernama

http://biz.thestar.com.my/news/s ... 20&sec=business

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发表于 2012-12-1 13:01 | 显示全部楼层
依華仙台6206萬購特藝11%
財經30/11/2012 21:03

 (吉隆坡30日訊)依華仙台(Eversendai,5205,主要板建築)以2469萬新元(約6206萬2504令吉)收購新加坡上市公司特藝石油能源(Technics Oil & Gas)11.19%股權。

 該公司向馬證交所報備指出,在9月25日至11月30日期間,已收購特藝石油能源2392萬3000普通股,或相等于已發行及繳足資本的11.19%股權。

 特藝石油上財年已審核財務報告指出,淨資產報2469萬9552新元(1億2251萬6845令吉),如今依華仙台的收購股權已超過5%該公司淨資產。

 特藝石油自2008年1月在新加坡主要板上市。

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发表于 2012-12-2 21:50 | 显示全部楼层
依华建台6206 万 购狮城特艺石油11%
财经新闻 财经  2012-12-01 11:56

(吉隆坡30日讯)为了进一步巩固新加坡业务基础,依华建台(Sendai,5205,主板基建股)近期投资2469万9552.05新元(约6206万2504.65令吉)收购新加坡特艺石油能源(Technics Oil&Gas)11.19%股权。

依华建台向马交所报备,今年9月25日至11月30日间收购特艺石油能源的2392万3000股,相等于11.19%股权,而收购成本已超过最新审计净资产(截至2011年12月31日)5%。

特艺石油能源是新加坡上市公司,公司在新加坡、巴淡岛及越南各经营一座厂房。

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发表于 2012-12-4 09:03 | 显示全部楼层
Eversendai to gradually increase stake in Technics

KUALA LUMPUR: Eversendai Corp Bhd plans to progressively up its stake in Singapore’s Technics Oil & Gas Ltd if the price of the latter remains within its expectations, said executive chairman and group managing director Datuk AK Nathan.

This was after the company, a leading integrated structural steel turnkey and power plant contractors, had on Friday acquired a 11.19% stake in Technics, a company listed on the Singapore Stock Exchange, for S$24.69mil (RM62.06mil) cash involving the transaction of 23.93 million shares financed by internally generated fund.

According to Nathan, depending on the price movement of Technics counter, Eversendai plans to increase its stake in the company.

“At the moment, our stake is not that substantial to seek a board seat, but we are planning to slowly acquire Technics shares in the open market.

“We will make use of the proceeds from our initial public offering to finance this investment as we need to complement its track record in the O&G sector as well as add value to our business. Most importantly, we want to venture in a sector that is currently booming with bright prospects

“It is also in line with our target to reach RM2bil of sales in 2017,” he told StarBiz yesterday.

Nathan, however, declined to comment further on the ideal amount of stake Eversendai was planning to acquire as well as the timeline.

Technics, which was established in 1990 and listed in 2003, has grown to become a leading full service integrator of compression systems and process modules for blue-chip oil and gas customers.

It specialises in the design and fabrication of complex and highly customised process modules and equipment, including gas compression packages, which are integrated to form the operating system for production operations and storage applications in both onshore and offshore oil and gas exploration and production activities.

Nathan said the acquisition was a step towards a bigger plan for Eversendai that entailed buying different entities which would be able to add value and enhance the financial performance of the group.

“However, this move will not distract the company from its core business but on the contrary the acquisition of a stake in Technics serves as an excellent opportunity for Eversendai to enhance its shareholders’ value by expanding into the oil and gas sector,” he said.

Technics closed unchanged at S$1.05 while Eversendai was down a sen to RM1.34 yesterday.

http://biz.thestar.com.my/news/s ... 58&sec=business

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发表于 2012-12-4 11:05 | 显示全部楼层
購新加坡油氣公司出價合理
依文仙台展望正面

熱股評析 2012-12-03 19:06

(吉隆坡3日訊)依文仙台(SENDAI,5205,主板建筑組)以2千470萬新元(約6千200萬令吉)收購新加坡Technics油氣公司11.19%股權,加強其油氣裝配領域的地位。

Technics市值2億3千萬新元(約5億6千207萬令吉),2012財政年9個月淨利為2千萬新元(約4千888萬令吉),淨資產5千510萬新元(約1千347萬令吉),5年淨利複合成長率為47%,在新加坡、印尼巴淡島和越南設有船塢。

分析

分析員認為這項收購的出價合理,看好收購計劃有助於強化依文仙台的油汽業務及增加投資收益,預見該公司將憑藉Technics業務經驗競標國際合約,開創協同效應。

豐隆研究表示,該計劃以合理收購價提早定案帶來正面驚喜,亦不會對該公司造成財務負擔。

“若收購以現金完成,依文仙台現金流將從9千280萬令吉減至3千零80萬令吉,並未形成負債。"該行看好此收購計劃,認為該公司將借助Technics的技術,進軍中東油汽領域,增加新合約。

馬銀行研究正面看待此進展,認為Technics收購價比其規模更大的同行Dyna-Mac's的估值低,預見雙方將設立聯營公司,競標國油潛在國際工程。

“在2012財政年首9個月,Technics每股派息13仙,意味著11%股權將間接為該公司帶來300萬令吉股息的投資收益。"

肯納格研究對收購計劃不感意外,因該公司管理層早前已指出,將通過收購活動投資油汽領域,以創造偕同效應及補助現有鋼鐵構造業務。

“以過往70%的派息率及2013財政年2千130萬令吉淨利預測,Technics料每年可貢獻300萬至400萬令吉股息,不排除依文仙台將在未來增持其股份至聯營水平。"

興業研究認為收購計劃有助於策略進軍油汽領域,因頂層構造業務不及鋼鐵構造業務複雜,以該公司現有技術水平,有信心完成任務,根本無需依賴過往紀錄參與國際競標。

“收購計劃對競標中東油汽工程利好,預計將提昇依文仙台贏取新合約的機率。"

該行預見,該公司2013及2014財政年將分別獲取16億令吉及17億令吉合約訂單,比2012財政年的15億令吉增加。

http://biz.sinchew.com.my/node/67946?tid=18

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发表于 2012-12-4 17:23 | 显示全部楼层
依华建台 购Technics 拓展业务
行家论股  2012-12-04 13:02


目标价:2令吉

最新进展
依华建台(Sendai,5205,主板建筑股)以6200万令吉收购在新加坡上市的Technics油气有限公司11%股权,收购费用由内部融资。

Technics成立1990年,2003年在新加坡交易所上市。它是一家中型公司,市值2亿3000万新元(约5亿7300万令吉),2012财年首9个月净利达2000万新元(约4985万令吉)。

行家建议
我们认为收购价合理,依华建台更有实力在油气领域扩展业务。

我们正面看待这项收购,依华建台将可充分利用Technics在油气领域的专门技术,拓展油气业务。

我们预计两家公司将组成联营公司竞标国际合约,包括国家石油(Petronas)的合约。

依华建台仅持有Technics11%股权,因此损益表(P&L)不会出现任何盈利进账。但投资收入(股息),将会显现在资产负债表。

Technics截至2012财年首9个月公布了每股13仙的股息。

我们维持之前的盈利预估,不把油气业务发展前景纳入考量。

分析:马银行投资银行

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发表于 2012-12-14 17:05 | 显示全部楼层
Eversendai enroute to be RM2b turnover firm
Published: 2012/12/14

Eversendai Corporation Bhd, one of the country's leading integrated steel contractor and fabricator, is looking at turning into a RM2 billion turnover company by 2017.

Its Executive Chairman and Group Managing Director Datuk AK Nathan said with several projects in the pipeline as well as those in the bidding process, the company will be able to achieve its target in the next five years.

"We are moving in line with what we have already planned and we will achieve that. I would not be surprised if we achieve it earlier. Our target is 2017," he told Bernama in an interview recently.

Eversendai, which was listed on Bursa Malaysia last year, recorded a turnover of RM746.914 million in the nine months ended Sept 30, 2012.

Nathan said last year, the company hit RM1 billion in revenue and it is looking at surpassing that figure this year.

"With all these orderbook in hand and new jobs in the process of being concluded, we foresee a very exciting this year and next year," he said.

The group, which currently has an orderbook worth RM1.5 billion and in the midst of bidding for some RM12 billion worth of jobs locally and around the world, is already present in six countries to date.

The current orderbook can last the company for three years, he said.

Nathan, who proudly admitted that he is a product of the Look East policy mooted by former Prime Minister Tun Dr Mahathir Mohamad, does not believe in depending only in a single market to survive.

After already stamping a strong mark in India and the Middle East, he is now entering the Commonwealth of Independent States (CIS) market and is currently eyeing the African continent to spread his wings.

"We already got the job in Azerbaijan but have not sorted out the paperwork yet, so we cannot declare the job yet. There are also few other projects in the pipeline in that region," he said.

On the African continent, Nathan said it offers good prospect as the region comprises countries that are still growing in terms of development.

"Some of these countries have oil find so when there is an oil find, the country becomes richer and have more money to spend for development. With this kind of development, we will have more opportunity," he said.

Turning to the local scene, he said the company is gradually increasing its presence locally by bidding some of the development and infrastructure projects.

"In Malaysia, we are targeting about RM500 million to RM1 billion worth of jobs next year. It will be a combination of few such as infrastructure and high-rise buildings," he said, adding that contribution from local projects to the group's revenue will increase to 15 per cent with these projects in hand.

He said the contribution from local business to revenue will increase to about eight per cent from last year's five per cent while contribution from overseas last year was 95 per cent.

"Eversendai is a very strong company with very strong fundamental values and with such fundamental values, we are already contributing overseas, I think we can very well contribute in Malaysia," he added. Bernama

Read more: Eversendai enroute to be RM2b turnover firm http://www.btimes.com.my/Current ... _html#ixzz2F109ZH2r

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发表于 2012-12-15 14:16 | 显示全部楼层
2017 年营收上看20 亿 依华建台力争新工程
财经新闻 财经  2012-12-15 12:29


AK纳登

(吉隆坡14日讯)只要一切顺利,依华建台(Sendai,5205,主板基建股)放眼2017年录得20亿令吉营业额。依华建台执行主席兼集团董事经理拿督AK纳登在接受《马星社》访问时表示,公司目前正进行数项计划,也竞标多项新计划,因此有能力在5年内达成上述目标。纳登说:“我们正如计划和预期般前进,如果提早达成目标我也不会感到意外,我们的目标是2017年。”截至今年9月30日止首9个月,依华建台录得7亿4691万4000令吉营业额。

放眼拓展非洲
据纳登,继去年成功把营业额推高至10亿令吉营业额后,公司预计现财年会超越这水平。“根据目前在手的订单和即将完成相关程序的新工程,我们预见今年和明年会有优越的表现。”目前,依华建台的订单总值达15亿令吉,也在国内外竞标大约120亿令吉工程;纳登指出,现有订单额足以让公司再忙碌3年

至今,依华建台已有业务于6个国家;纳登透露,成功进入印度和中东后,公司正进军独立国家联合体(CIS),也放眼进一步拓展至非洲。他说:“我们已在阿塞拜疆(Azerbaijan)取得新工程,惟基于文件程序还未完成,我们还不能宣布。”

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发表于 2012-12-28 10:24 | 显示全部楼层
Eversendai buys into Technics Oil

PETALING JAYA: Eversendai Corp Bhd has entered into a subscription agreement with Singapore-based Technics Oil and Gas Ltd to subscribe for an aggregate of 10.7 million new shares of the latter amounting to S$11.24mil (RM28.18mil).

The proposed subscription of S$1.05 (RM2.63) per ordinary share represented a premium of about 2% to the weighted average price per ordinary share for trades done for the full market day on Dec 26 on the Singapore Exchange, the company said in a filing with Bursa Malaysia.

http://biz.thestar.com.my/news/s ... 54&sec=business

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发表于 2013-1-11 14:02 | 显示全部楼层
发售伊斯兰债券 Eversendai筹资5亿

(吉隆坡10日讯)Eversendai机构(SENDAI,5205,建筑组)宣布,建议发行高达5亿令吉票面价值的伊斯兰商业票据/伊斯兰中期票据。

Eversendai机构已指定标准渣打Saadiq有限公司为这项伊斯兰计划的主要顾问、领导安排商和领导经理。

证券委员会已在志期2013年1月4日的函件中,放行这项伊斯兰债券的发行。

由上述发行筹集的资金,将用作Eversendai机构的普通企业用途,及Eversendai机构与子公司的营运资本需求。

转载自:联合日报在线

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发表于 2013-1-16 08:35 | 显示全部楼层
SENDAI - OTHERS EVERSENDAI CORPORATION BERHAD WINS NEW PROJECT IN ABU DHABI WORTH RM325 MILLION

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发表于 2013-1-16 09:30 | 显示全部楼层
Eversendai gets RM325mil contract

PETALING JAYA: Eversendai Corp Bhd has received a contract worth RM325mil to carry out structural steel works for the Abu Dhabi International Airport (ADIA) in the United Arab Emirates.

The work on the project is due to start in Feb with completion by 2015, the company said this will have positive impact on the Eversendai’s financial performance from FY2013 to FY2015.

“We are (also) currently the structural steel contractors for the New Doha International Airport in Qatar, the Salalah International Airport in Oman and the KLIA 2 in Malaysia,” said its managing director Datuk AK Nathan in a statement to the press.

http://biz.thestar.com.my/news/s ... 45&sec=business

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发表于 2013-1-16 12:57 | 显示全部楼层
依华建台获3 . 2 亿合约
财经新闻 财经  2013-01-16 12:29
(吉隆坡15日讯)依华建台(Sendai,5205,主板基建股)取得一项总值3亿9000万迪拉姆(3亿2500万令吉)合约,透过子公司为阿联酋的阿布扎比国际机场(ADIA)进行架构钢铁工程。
依华建台执行主席兼集团董事经理拿督AK纳登说:“我们很高兴能够取得ADIA计划旗下码头、登机梯和警卫室的架构钢铁工程。这是我们在区域内最期盼的工程之一,也是在中东持续赢得大型计划的另一个成就。”
这工程将在今年2月启动,预计于2015年完成,从而会在2013至2015财年为依华建台贡献盈利。
http://nanyang.com/node/504983?tid=462

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发表于 2013-1-17 09:22 | 显示全部楼层
We refer to our earlier announcement dated 7 January 2013.

We wish to announce that RAM Rating Services has assigned the respective preliminary long-term and short-term ratings of AA3 and P1 to Eversendai Corporation Berhad's proposed Sukuk Programme.

Further announcement on the development of the Sukuk Programme will be made in due course.

This announcement is dated 16 January 2013.

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发表于 2013-1-30 09:19 | 显示全部楼层
Eversendai expected to clinch Azerbaijan deal

EVERSENDAI Corp Bhd is expected to secure a structural steel contract worth more than RM300 million for the world's tallest skyscraper, the US$2 billion (RM6.1 billion) Azerbaijan Tower.

The award of the contract to Eversendai will mark a new mile-stone for the company, which is a leading integrated structural steel turnkey and power plant contrac-tor, according to a TA Research analyst.

The 189-storey tower, which is slated to complete construction in 2018/2019, is a development by Avesta Group of Companies.

Eversendai, founded by Datuk A.K. Nathan, has been involved in the world's tallest buildings a few times, first with Malaysia's sparkling jewels the Petronas Twin Towers (452m) and then with Burj Khalifa in Dubai (629m).

Standing at 1,050m, the Azerbaijan Tower will be constructed on a group of artificial islands (Kazar Islands) in the Caspian Sea, southwest of the Azerbaijan's capital city of Baku.

Kazar Islands will serve as a new hub for commercial and residential purposes and act as a new centre for business and commerce. The floating metropolis is estimated to cost US$100 billion to develop.

The Azerbaijan Tower, upon completion, will tower over Dubai's Burj Khalifa by a staggering 220m, and Saudi Arabia's Kingdom Tower by 50m.

If Eversendai is awarded the contract for the Azerbaijan Tower , it will be the second win for the company this year and its current order book will hit the RM2 billion mark.

Early this month, Eversendai won a RM325 million contract to undertake structural steel works at the Abu Dhabi International Airport.

Analysts have upgraded the company as they see further upside to the stock, looking at its earnings visibility and ventures into oil and gas support services, and potential contracts in the Middle East and India.

Kenanga Research has upgraded its recommendation for Eversendai's shares from a "market perform" to an "outperform" with an unchanged target price of RM1.44.

Another research house has retained a "buy" call on Eversendai's shares, with an unchanged target price of RM1.78.

Domestically, Eversendai is expected to secure a few contracts for projects like the Refinery and Petrochemical Integrated Development (Rapid) project by Petronas, Warisan Merdeka tower and several coal-fired plants, that could easily be worth over RM1 billion for the company.

Eversendai, which is 70.52 per cent-owned by Nathan and 8.85 per cent by the Employees Provident Fund, posted pre-tax profit of RM90.8 million on revenue of RM746.9 million for the nine months ended September 30, 2012.

http://www.btimes.com.my/Current ... les/EVER23/Article/

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发表于 2013-1-31 18:21 | 显示全部楼层
依文仙台5537萬增購Technics 20.10%
大馬  2013-01-31 11:03


(吉隆坡30日訊)依文仙台(SENDAI,5205,主板建筑組)以2千226萬新元(約5千537萬令吉)增購Technics油氣公司的2千119萬股股票,最終持有後者20.10%股票。
依文仙台在文告中指出,該公司是在去年12月3日至今年1月29日之間買進這批股票。
該公司在Technics油氣公司的總投資成本為4千697萬新元(1億1千727萬令吉)。(星洲日報/財經)

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发表于 2013-2-1 12:53 | 显示全部楼层
依华建台 增持Technics 推升财测
行家论股  2013-02-01 12:23



【目标价:1.73令吉】
最新进展:
依华建台(Sendai,5205,主板建筑股)宣布增持新加坡上市公司———Technics油气有限公司,持股从2119万股至4512万股,相等于从11.2%提高至20.10%股权。

行家建议:
对于依华建台继续增购Technics油气股权至4512万股消息,我们并不意外。

资料显示,依华建台前后共花了1亿1750万收购Technics油气20.1%股权,我们认为集团有能力承担该笔开销。截至2012年9月份,依华建台拥有1亿9830万令吉现金。

董事局表示,上述企业活动和回债发售,仅为依华建台增加0.5%倍的欠债率。

另外,Technics油气预料在2013年录得5320万净利,根据依华建台拥有20.1%股权计算,前者将贡献1070万令吉净利。

有鉴于此,我们决定上调2013和2014财年盈利预测3%至4%。

同时,我们欣赏依华建台为架构钢铁独家的供应商,而且拥有16亿订单,给予“买入”评级,目标价为1.73令吉。




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发表于 2013-2-1 12:57 | 显示全部楼层
EVERSENDAI CORP BHD

By Kenanga Research

Outperform (Maintained)

Target Price: RM1.51

EVERSENDAI CORP BHD has acquired 21.2 million more shares in Technics Oil & Gas Ltd (Technics), an oil and gas (O&G)-based company listed on the Singapore Stock Exchange for a total purchase consideration of RM62.1mil. This has increased its shareholding in the company to 20.1% or to an associate level now.

Eversendai had previously acquired its first 24.0 million shares (11.2% stake) in Technics in November 2012. As highlighted in our earlier report, we are not surprised by the additional acquisition, as management had always been looking for an opportunity to increase its stake in Technics up to an associate level.

The company's financial year ending Dec 31, 2013 (FY13) earnings estimates have been tweaked higher by 5%, as we have imputed in the potential associate contribution from Technics of RM11mil in FY13.

Technics operates three waterfront yards, which are located in Singapore, Indonesia's Batam and Vietnam. It specialises in the design and fabrication of complex and highly customised process modules and equipment, including gas compression packages, which are integrated to form the operating system for production operations and storage applications in both onshore and offshore O&G exploration and production activities.

Technics' net profit has recorded a four-year compounded annual growth rate (CAGR) of 51.9% from SG$3.8mil (RM9.8mil) to SG$20.2mil (RM52.2mil), underpinned by the buoyant O&G sector and lucrative contracts secured from oil majors like Keppel Fels, Chevron, Petronas, Siemens, PetroChina and Worley Parsons.

To date, Eversendai has spent RM117.3mil to acquire the 45.1 million shares in Technics, which translates into a 20.1% strategic stake in the company. As the investment of RM117.3mil in Technics has exceeded management's previous capital expenditure (capex) budget guidance of RM70mil to RM100mil, we believe that Eversendai has fulfilled its capex spending plans and is expected to take a break from making further investments in the company.

Eversendai's total purchase consideration of RM117.3mil implies a price earnings ratio (PER) of 10.4 times, which is still fair and in line with the small to mid-cap O&G stocks' average trading multiple of around 12 times.

Even with the acquisition, Eversendai's balance sheet remains manageable, with a net gearing of just 0.19 times post-acquisition, as its cash coffers stood at circa RM198mil (as of third quarter 2012). Moving forward, with its bond facility of RM500mil, we believe that Eversendai can comfortably execute projects worth up to RM1.3bil.

Post-acquisition, with the strategic stake of 20.1% in Technics, the associate contribution to the group will rise. Based on consensus numbers, Technics is expected to contribute positively to Eversendai's FY13 earnings at RM11mil or 6.6% at the pre-tax level.

We are maintaining our “outperform” recommendation, as the current share price implies a 27% upside to our revised target price of RM1.51. Our target price is based on an unchanged 8 times PER on its FY13 earnings per share. We have factored in the potential associate contribution from Technics in our FY13 earnings estimate.

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发表于 2013-3-1 14:34 | 显示全部楼层
Eversendai Corp - Poised To Secure Maiden Azerbaijan Job

Fair Value : RM1.80 | Recommendation : BUY (Maintained)

Azerbaijan job “in a few more days”. Eversendai is poised to secure its maiden job in the Commonwealth of Independent States (CIS) (or the former Soviet states), or more precisely in Azerbaijan, “over the next few days”, assuming that “one (outstanding) minor paperwork can be sorted out by this week”. It also expects to secure more work packages from the new Abu Dhabi International Airport project, having already announced the award of structural steel works worth AED390m (RM325m) from the project in Jan 2013. In Malaysia, it is hopeful to conclude a key high-rise tower job (using its heavily promoted “composite structure” building technology) by 1H2013.

Collaboration with Technics Oil & Gas goes live. Eversendai has joined hands with newly acquired Technics Oil & Gas to bid for topside fabrication jobs. Eversendai said that the parties have already submitted two “large projects worth RM500m to RM1bn each in the Middle East”.

Expansion into petrochemical segment via the same M&A route. It is replicating the same M&A model for its expansion into the petrochemical segment (with the key focus being structural steel works for petrochemical plants). It is negotiating to acquire a stake in a privately-owned construction outfit that has had a 30-year track record in the construction of petrochemical plants.

Doubling in five years. Eversendai reiterated its goal to double its turnover to RM2bn in FY12/17 (or earlier), backed by organic growth in existing markets, i.e. the Middle East, Malaysia and India, as well as expansion into new markets such as CIS, as well as new segments such as oil & gas and petrochemical.

Forecast. FY12/13-14 net profit forecasts are raised by 7-8%, having equity accounted for Technics Oil & Gas’ profits.

Risks. These include: (1) New contracts secured in FY12/13-14 coming in below our targets of RM1.2bn per annum; and (2) Escalation in input costs.

Maintain BUY. We like Eversendai as: (1) It is a good proxy to the infrastructure boom in the Middle East, particularly, Qatar that is racing to build iconic buildings as well as basic infrastructure ahead of its hosting of the 2022 FIFA World Cup; (2) It is a good proxy to the Klang Valley MRT project given the strong likelihood of its involvement in structural steel works for stations; and (3) It is a preferred structural steel specialist for international contractors given its strong track record in structural steel works for various iconic buildings in the Middle East. Fair value is raised by 8% to RM1.80 based on 12x revised FY12/13 EPS, in line with our 1-year forward target PER of 8-13x for the construction sector, from RM1.66.

Source: RHB Research - 01 Mar 2013

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发表于 2013-3-5 09:00 | 显示全部楼层
Eversendai bags US$28.5m Azerbaijan job

KUALA LUMPUR: Eversendai Corp Bhd, an integrated structural steel turnkey and power plant contractor, has won a US$28.5 million (RM87.3 million) job for the Crescent City project in Baku, Azerbaijan.

The job was awarded to its subsidiary, Eversendai Engineering LLC in Dubai, by the Crescent City developer Gilan Holding LLC.

It involves the supply, fabrication and installation of structural steel works for a 41-storey office tower, which is part of the project's first phase of development.

"This is a highly complex project but it fits in well with the experience and skill set available within the group," says the executive chairman and group managing director of Eversendai, Datuk AK Nathan.

Nathan said work on the project will start this month and is projected to complete by August next year.

He expects earnings from the new job to be recognised in its current financial year ending December 31 2013, and also next year.

The Main Market-listed Eversendai is 70.52 per cent-owned by Nathan and 8.85 per cent by the Employees Provident Fund.

The group recently reported a revenue and net profit of RM1.02 billion and RM121.7 million, respectively, compared with RM1.03 billion and RM131.6 million last year.

Eversendai had secured a few complex fabrication projects in the last one to two years, which resulted in a slight delay in recognising the potential higher revenue and its corresponding profits.

"The current scale of our order book will provide excellent visibility of future revenue streams across the group. With our solid performance in fiscal year 2012, we are confident of another robust year in 2013," Nathan said.

Eversendai's current order book stands at RM1.6 billion with over 20 major projects.

"Going by our strong past performances and recognised execution capabilities, we are upbeat to achieve a revenue target of RM2 billion within the next five years, via organic growth and acquisitions," Nathan said.

http://www.btimes.com.my/Current ... es/eversen/Article/

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