Construction MALAYSIA April 19, 2012 Kumpulan Europlus NOT RATED KEUR MK / KEUR.KL Current RM1.24 Market Cap Avg Daily Turnover Free Float Target N/A US$210.8m US$0.45m 69% Previous Target N/A RM646.0m RM1.38m 521.0 m shares Up/downside N/A Conviction CIMB Analyst A clearer roadmap for WCE Though the WCE is shorter than the NSE, its significance and potential spillovers should not be overlooked. This should be the main factor driving its implementation, which in turn, remains the key transformation story for KEuro. We estimate an RNAV of RM2.24, development and catalyse the Sharizan Rosely with 71% coming from the WCE construction, building material and T (60) 3 20849864 concession and 12% from the DCF of property sectors. E
[email protected] the group’s share of WCE For other contractors, total construction profits. At 20% RNAV subcontracting works worth as much discount, the stock would be worth as c.RM2bn will be up for grabs T RM1.80, offering 45% upside. E through open tender. For the WCE is the next catalyst in property sector, improved road networks and accessibility will lead to the west coast Company Visit Expert Opinion new developments along the corridor. At RM7.1bn, KEuro’s 80%-owned For KEuro, we believe that the group Channel Check Customer Views WCE will be one of the mega jobs will undertake RM1.5bn worth of under the 10MP. It is another works, which should reverse its milestone in the rollout of large-scale construction losses.