AmResearch reiterates 'buy' call on Benalec

KUALA LUMPUR: AmResearch has reiterated the "buy" recommendation on Benalec Holdings Bhd with a fair value of RM1.90 per share, as the company is estimated to have clinched new contracts worth RM608 million for the financial year-to-date, compared to RM77 million in 2010.

The research house said it also estimates new orders of RM650 million for Benalec for the financial year ending June 30, 2011.

AmResearch said the newly secured RM37 million reclamation contract in Selangor would undoubtedly put Benalec on a stronger footing to clinch more such contracts, both at home as well in the region.

The contract is the second, the group has secured within this week, following the Kota Laksamana project in Melaka. — Bernama

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