MUDAJAYA - Positives Here and There (OSK)

There are several recent developments involving Mudajaya, including:

• Appointment of former Bursa CEO Datuk Yusli Mohamed Yusoff to the board
• Winning 3 awards for “The Edge Billion Ringgit Club”
• Share price goes ex today for 1-for-3 bonus issue

Share price goes ex. Mudajaya’s share price will go ex today for the 1-for-3 bonus issue. Our FV is accordingly adjusted from RM7.30 to RM5.48. Yesterday’s closing price of RM4.46 adjusted to an ex basis will be RM3.35. The stock’s valuations are a steal at 7.6x FY11 earnings and 6.7x FY12. Mudajaya remains our top sector pick, with a strong possibility of an upwards earnings revision.