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RHB Investment Bank maintains 'buy' rating on Kumpulan Powernet

KUALA LUMPUR, Aug 24 -- RHB Investment Bank Bhd has maintained a 'buy' rating for Kumpulan Powernet Bhd based on the company's strong earnings growth despite the delay in its property development projects during the Movement Control Order (MCO) period.

In a research note, RHB said its outlook was premised on the potential doubling of the company’s orderbook by end of the company's financial year (FY) 2021, superior return on equity and undemanding market valuation of 10.6 times.

Post-earnings adjustment, RHB raised its target price for Kumpulan Powernet’s shares to RM3.77 from RM3.46 previously.

The company's orderbook stood at RM1.1 billion as of end-FY2020, and it aims to expand the orderbook value to RM2 billion by end-FY2021.

Its current bid value is at RM3.1 billion, of which 66 per cent is from the energy segment, followed by the infrastructure and utilities sectors at 33 per cent and one per cent, respectively.

As at 11.01am, the company's share price was six sen better at RM2.91 with 1.95 million shares changing hands.

-- BERNAMA

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