Eversendai gains 1.02% on target price upgrade
KUALA LUMPUR (May 26): Eversendai Corporation Bhd rose 1.02% in early trade today after Kenanga IB Research maintained its “Underperform”rating on the stock with a higher target price of 77 sen (from 49 sen) sen and said the company’s 1Q17 beat house expectations given Kenanga’s overly conservative margins for its projects in Middle East, India and Malaysia.
At 9.13am, Eversendai rose 1 sen to 99 sen with 136,800 shares done.
“Thus, we upgraded FY17/FY18E by 62%/60%.
Yesterday, Eversendai reported a net profit of RM15.26 million in its first quarter ended March 31, 2017 (1QFY17) compared with a net loss of RM50.43 million a year ago, mainly on the absence of financial-asset losses in the current quarter under review.
Revenue, however, fell to RM395.97 million in 1QFY17 from RM440.73 million in 1QFY16. — theedgemarkets.com
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