Malaysia Steel Works (Masteel) is on an expansion programme that is set to double its earnings to RM80m-90m by FY12, lowering its FD P/E to below 5x or 60% below the KLCI P/E. We believe the target is achievable as it is expanding capacity to meet rising demand from property launches and ETP infrastructure project starts. On P/NTA basis, the stock is cheap at 0.6x CY10, 40% below the sector. We value Masteel at 10.2x forward P/E, 30% below our 14.5x target market P/E. This works out to RM2.95, more than double its current price. Masteel’s valuation discount is wider than Ann Joo’s 10%. Should it succeed in its bid for the Iskandar rail project, FY12 FD core EPS would rise by 29% to 37.4 sen, implying a value of RM3.80 or hefty upside of 170%.
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We, Ming Zhuan Hardware Sdn Bhd has been established in 1990, offer a comprehensive range of steel and metal products to our consumers working in various industries such as metal fabrication, With professional management and strong capital supports.
Ming Zhuan Hardware Sdn Bhd starts to trade with our consumer throughout East and West Malaysia.
We are a company specialist in wrought iron,mild steel,cast aluminium,polycarbonate,mild steel plate & etc products.
Sizes & thickness: Hollow section steel that we are providing are available in different sizes and thickness.
We are sincerely looking forwards to co-operating with you and we believe with our best price and high quality service, we could be your best supplier.
Kindly Contact Us
Office~03-42921633
Fax~03-42922633
Our Marketing Executive~016-2387768(Ms Stella Wong)
Email Us~mingzhuansb@gmail.com
Live Chat~mingzhuansb@hotmail.my
Visit us~http://mingzhuanhardware.blogspot.com/
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