Faber Group (RM2.30; Buy; Price Target: RM3.55)
At a glance
• 1Q10 net profit doubled y-o-y to RM14.4m, driven by 31% revenue growth, within our and consensus expectations
• Full contribution from Faber’s new overseas contracts (especially in UAE) drove 1Q10 earnings; overseas projects fetched better margins, lifting Faber’s pre-tax margin by 3ppts y-o-y
• Maintain Buy and RM3.55 SOP-derived TP
by HWDBS
