Company Update � HSS Engineers (BUY,
maintain)
- Exciting potential
We reiterate our BUY call on HSS Engineers and TP
of RM1.20, based on a 2018E PER of 15x. We continue to like HSS for its i)
healthy order-book replenishment; ii) high-margin business model; iii)
long-standing relationship with clients like Prasarana, MRT Corp, and myHSR;
iv) shareholding structure that positions its associate HSS Integrated (HSSI)
as a Bumiputera company with a competitive advantage in government-contract
bids; v) proposed listing transfer to the Main Board and inclusion on the
Shariah-compliant stock list which are on track, and would help to raise its
profile among institutional investors.
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