RHB Research maintains Buy on AZRB, ups FV to RM1.45

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KUALA LUMPUR (7 Feb): RHB Research has maintained its ‘buy’ rating on Ahmad Zaki Resources (Ahmad Zaki) at 67 sen with a higher fair value of RM1.45 (from 93 sen)  after the company guided to new contract wins of about RM500-600 million in its financial year 2012/1013.

In a note Thursday, RHB Research said the new contracts were most likely to come from building jobs for universities and colleges along with infrastructure works in Eastern Coast Economic Region (ECER), particularly road jobs.

Ahmad Zaki began to see the fruit of its labour of having grown some defensive non-construction businesses such as bunkering operation at Kemaman Supply Base and the oil palm plantation in West Kalimantan, it said

The research house said that with AZRB’s defensive, recurring and less cyclical incomes, these businesses will materially boost the sustainability and resilience of the company.

“Ahmad Zaki in recent years managed to break into a new segment, i.e. high-rise buildings, putting it in a good position to bid for a slew of high-rise building jobs that are coming into the market,” it said.

“After the 13th GE, we believe investors will refocus on fundamentals of construction stocks, that may appear to be reasonably attractive underpinned by a construction up cycle backed by various large-scale infrastructure, property and oil & gas projects” it said.

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