Friday, June 23, 2017

Company Update � HSS Engineers (BUY, maintain)

Top Calls

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.


Other Calls

Company Update SP Setia (N/A)

- Equity issuances to fund acquisition



For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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