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Serba Dinamik upbeat about growing order book
2021-08-13 00:00:00.0     星报-商业     原网页

       

       PETALING JAYA: The Covid-19 pandemic and existing statutory audit and corporate governance-related issues may have affected Serba Dinamik Holdings Bhd’s bids for projects globally.

       However, the company has already exceeded its end-2020 balance order book target of RM15bil despite the global economic downturn due to the Covid-19 outbreak.

       While no specific value on order book target for 2021 has been given, management had, earlier this year, maintained its optimistic view to grow its order book or at least to maintain its balance order book by the end of 2021, accordng to PublicInvest Research.

       The company had recently secured 15 new contracts, with 10 maintenance projects in Malaysia and Indonesia and five construction contracts in Malaysia and Nepal with total value of RM386.3mil.

       The contracts’ lifespans vary, with completion of up to 2025 and the projects are estimated to have a 17% profit margin at the gross level, according to the research house.

       “While this development will improve the visibility of its future earnings with order book standing at a healthy RM18bil, we are of the view that issues with regard to its on-going statutory audit, concerns over corporate governance as well as the tight deadline for submission of its 2020 annual report may continue to cloud until the issues are convincingly addressed,” PublicInvest Research said.

       The research house had not made any changes to its forecasts on Serba Dinamik for now.

       “Our target price of 44 sen is based on a discount of 50% to its trailing 12-month book value of 88 sen and this remains unchanged with a ‘neutral’ rating,” it said.

       


标签:综合
关键词: Covid     Serba Dinamik Holdings     projects     order book target     corporate governance-related issues     contracts     PublicInvest    
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