We recently met up with TRC and understand that the company is bidding aggressively in Sarawak. With job awards in Iskandar Malaysia gaining traction, we believe SCORE will be next. Meanwhile, a proposal will soon be submitted to the Brunei government for approval of its O&G venture via 26% associate PetroBru. We see some infrastructure spillover benefits to TRC. Laggard plays with undemanding valuations such as TRC may draw investor interest in this liquidity driven market. Maintain BUY, with our TP raised from RM1.63 to RM1.74.
Wednesday, August 5, 2009
A Larggard Play - TRC (OSK)
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