Eversendai up 1.91% after announcing four new projects worth RM404m

KUALA LUMPUR (Sep 27): Eversendai Corp Bhd saw its share price up by 1.91% or 1.5 sen in the morning trade to 80 sen, with about 2.68 million shares traded, following announcement of its new four projects worth about RM404 million.

At 10.55am, the volume was higher than its 30-days average volume of 1.66 million.

The project wins are located in different countries with one of the projects being the construction of one of the largest glass roof structures in the world in Dubai, United Arab Emirates.

The group was awarded the structural steel fabrication and construction package for a combined cycle gas power plant project in Malaysia.

Another project is the construction award of a 45-story high-rise residential tower in Mumbai, India.

There is also the oil & gas division which secured a project to fabricate and assemble leg sections for the offshore wind installation jack up vessel (Deme Innovation) in Europe.

The announced projects bring the year-to-date project wins to RM1.12 billion, while its outstanding order book stood at RM2.37 billion as at June 30 this year.

Nonetheless, despite the slight gain seen in its share price, Eversendai has over the last one year, seen a decline in its share price of about 3.03%. At current level, the group is trading at a single-digit trailing P/E of 7.02 times. — theedgemarkets.com

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