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Friday, December 21, 2007

Putrajaya Perdana on stronger footing

New investors may help builder secure more job orders, a research report says

Builder Putrajaya Perdana Bhd's new shareholders from the Middle East and Singapore are likely to help it clinch as much as RM3.34 billion job orders in Johor and the Middle East.

Aseambankers Malaysia Equity Research in a report on Wednesday said Swan Symphony Sdn Bhd, which comprised a consortium of influential Middle Eastern investors, will bring new growth to the company with strong likelihood of penetration into the Middle Eastern construction market and job orders from Johor's Iskandar Development Region (Iskandar).

Of the current RM1.2 billion job orders to be billed over the next two years, Aseambankers analyst Chu Wei Fen estimates that Putrajaya Perdana will reap a gross construction margin of between five per cent and 10 per cent.

Swan Symphony is 51 per cent owned by Abu Dhabi-Kuwait-Malaysia (ADKM) Investment Corp and 49 per cent owned by Autron Investment Co Ltd.

On August 29 2007, Putrajaya Perdana entered into a memorandum of understanding with Abu Dhabi-based Aldar Properties to undertake construction works in the 890ha Node 1 of Iskandar.

The three consortiums, led by Mudabala Development Co, Kuwait Finance House and Mellenium Development International Co, agreed to invest RM4 billion for land and infrastructure in clusters 1, 2 and 3 in Node 1.

While Aseambankers is not rating Putrajaya Perdana, it fairly valued the stock at RM4.95 based on 13 times of its 2009 forecast earnings.

Chu said Putrajaya Perdana's positive attributes are its clean balance sheet and it being a niche builder of three energy-efficient buildings.

Having just built the Energy Research Centre in Bangi, Selangor, it is now undertaking the construction of the Energy Commission's low-energy usage building.

Putrajaya Perdana is also undertaking sizeable projects like the RM343 million Kuala Lumpur Pavilion serviced apartments, the RM276 million One Menerung Condominiums in Bangsar, Kuala Lumpur, and the RM248 million Universiti Teknikal Malaysia in Malacca.

By New Straits Times

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