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By OSK Research Monday, 23 August 2010 15:16

Hock Seng Lee Another Score THE BUZZ Last Friday, it was announced on Bursa that HSL has been awarded a RM47.1m contract for road, drainage and associated works starting from the Serdeng Junction passing through Bandar Baru Tanjung Manis, Halal Park and Kampung Rajang, Mukah Division, Sarawak. OUR TAKE Positive job flow. Including this project, HSL’s YTD wins stand at RM262m. Management is guiding for RM600m in new jobs for FY10 vis-à-vis our replenishment assumption of RM400m. HSL has submitted over a dozen tenders in the past month for projects valued from RM45m- RM200m. Its outstanding orderbook currently amounts to RM1.14bn. The potential jobs. As this recent job forms part of the ~RM2bn Tanjung Manis Halal Hub, we do not discount the possibility of HSL securing more contracts from the same project. HSL isalso eyeing on an education facility on a PFI basis. We believe the project could be a UiTM campus as 6 of such campuses have been awarded via PFI. Another prospective job is Phase 2 of the Kuching Wastewater System (>RM500m), for which HSL is already undertaking Phase 1. Jobs aplenty in Sarawak. From our tracking of contract flows on Bursa, jobs awarded in Sarawak from Jan-Aug stood at RM1,121m, implying a healthy 25.5% y-o-y increase. We envisage more projects to be awarded in Sarawak moving closer to the state elections, which is expected sometime in late-2010/ early-2011. Local state contractors such as HSL should benefit from this as jobs in Sarawak are usually awarded to local players. Downgrade to NEUTRAL. As the current jobs secured YTD are still within our FY10 replenishment target, we make no changes to our estimates. However, we are rolling over our valuation parameter from mid-CY11 to FY11 at the same 12x earnings multiplier. Despite the increase in our TP to RM1.78, we are downgrading HSL to NEUTRAL as the recent share price run warrants little upside on our TP (+5.1%).