UOBKayHian initiates buy call on Ekovest
Published on: Saturday, September 24, 2016
Kuala Lumpur: UOBKayHian Securities has initiated a buy call on Ekovest Bhd, with a target price of RM3, considering the company's huge construction orderbook of RM4.5 billion.The research firm, in a note Friday, said Ekovest's long-term outlook was boosted after it was granted a 53.5 year concession to build, operate and transfer the new 50km Setiawangsa-Pantai Expressway (SPE)."The SPE is also expected to enhance the medium-term orderbook visibility as the group will snap up much of the construction jobs worth over RM3.7 billion.
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"We expect the construction jobs to contribute between RM139 million and RM212 million per annum to Ekovest's financials for the next three years," UOBKayHian said.Stay up-to-date by following Daily Express’s Telegram channel.
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