Kerjaya Prospeks actions are attractive thanks to his new forged allies

RHB Research has maintained a Buy recommendation on Kerjaya Prospek Group Bhd with a price target of RM1.45.

It said that it entered into a framework agreement with Samsung C&T for the purpose of, among other things, regulating the parties’ relationship in relation to future business opportunities in any potential construction project in Malaysia.

He said he believes the framework agreement is a positive step for the company to potentially expand its wings to more sophisticated projects compared to current projects that are primarily property-related. Samsung C&T is a wholly-owned subsidiary of Samsung C&T Corporation (SCTC), a South Korean construction and engineering company listed on the Korea Stock Exchange.

SCTC’s competence and credibility in the construction sector is reflected in its involvement in the construction of high-rise projects such as the Burj Khalifa in Dubai. Other notable holdings include infrastructure such as the Incheon Bridge and Busan Newport.

As for Malaysia, notable projects built by SCTC consist of KLCC Petronas Twin Towers, Menara Maxis and Star Residences, while ongoing projects include KLCC’s PNB118 and Lot LL1M project. On its earnings and valuation, RHB said no changes have been made to its estimates after the private placement exercise, it arrived at a new TP of RM1.42 for its SOP valuation.

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