Analyst Research Report Snapshot

Title:

Results Note – Eversendai (BUY, maintain) - Results within expectations, share price rebounding

Price:

$23.00

Provider:

Affin Investment Bank

Date:

21 May 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

ESCB.KL

Available for Immediate Download
Summary:

1QFY13 revenue declined by 2.3% YoY and 11.4% QoQ Eversendai’s 1QFY13 revenue declined by 2.3% YoY to RM243.2m mainly due to lower billings for projects in the Middle East and India. QoQ, 1QFY13 revenue declined by a sharper 11.4% mainly due to timing of finalisation of orders in the Middle East. Billings from Malaysian projects however surged by 74.8% YoY and was flat QoQ. Middle East operations (UAE, Saudi Arabia, Qatar and Oman) continued to dominate, accounting for 65.3% of group revenue, followed by Malaysia (21.0%) and India (13.7%).

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