Quoting industry sources, The Edge Daily today reported that AZRB has reached financial close with Bank Pembangunan for the RM1.5bn KL Outer Ring Road (KLORR). The article commented that AZRB will build the 40km stretch from Sg Long to Gombak.
Upgrade to TRADING BUY. Inline with the downgrade of our KLCI target for 2012, we are reducing our earnings multiplier for AZRB from 10x to 9x. However, as we roll over our valuation parameter from FY11 to mid CY12, our FV remains unchanged at RM0.86. AZRB’s share price has retraced by -20.3% since our downgrade in early June. Coupled with this positive news in place, we are upgrading AZRB to TRADING BUY.
Upgrade to TRADING BUY. Inline with the downgrade of our KLCI target for 2012, we are reducing our earnings multiplier for AZRB from 10x to 9x. However, as we roll over our valuation parameter from FY11 to mid CY12, our FV remains unchanged at RM0.86. AZRB’s share price has retraced by -20.3% since our downgrade in early June. Coupled with this positive news in place, we are upgrading AZRB to TRADING BUY.
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