Underperform
3QFY09 Results
- 9M net profit came in within expectations at 72-78% of full-year market consensus and our forecast.
- 3Q construction EBIT margin eased further to 3.7%, from 5.8% and 8.3% registered in 2Q and 1Q, we believe, as work progress on low-margin jobs, i.e. New Doha International Airport (NDIA) and AEON mall in Melaka, further gathered momentum during the quarter, while the high-margin Abu Dhabi F1 Circuit was already at the tail-end.
- Maintain Underperform. Fair value is RM1.99.
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