Thursday, September 1, 2011
OKP
OKP: CIMB maintains Buy with TP $0.98, pegged to 10x CY12 P/E. Notes the latest $46.8m contract from PUB to work on the Alexandra Canal is the group’s 7th contract win this yr, and bring orderbook to a new high of $433.3m. Says, total order wins of $152m ytd have already exceeded its forecasts for FY11. Likes OKP for its high projects visibility in the public sector and its strong potential overseas expansion story. Adds, OKP’s financials and balance sheet is one of the best among peers, with 55% of mkt cap backed by net cash of $97m.
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