STOCK FOCUS OF THE DAY
CB Industrial: Wins RM61.4mil contract from Oriental HOLD
CB Industrial Product Holding (CBIP) has received a RM61.4mil contract from Oriental Holdings Bhd. The contract was awarded on 20 December 2017. The contract involves the design and manufacturing of a Modipalm mill with a processing capacity of 60 tonnes per hour, at South Sumatra, Indonesia.
We view the award of the contract positively as it would increase CBIP's order book and help sustain its net profit in FY18F and FY19F. Maintain HOLD on CBIP with an unchanged fair value of RM2.00/share. Our fair value for CBIP implies a FY18F PE of 11.5x.
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ECONOMIC HIGHLIGHT
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