By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 30, 2013
EVERSENDAI Corp Bhd is expected to secure a structural steel contract worth more than RM300 million for the world's tallest skyscraper, the US$2 billion (RM6.1 billion) Azerbaijan Tower.
The award of the contract to Eversendai will mark a new mile-stone for the company, which is a leading integrated structural steel turnkey and power plant contrac-tor, according to a TA Research analyst.
The 189-storey tower, which is slated to complete construction in 2018/2019, is a development by Avesta Group of Companies.
Eversendai, founded by Datuk A.K. Nathan, has been involved in the world's tallest buildings a few times, first with Malaysia's sparkling jewels the Petronas Twin Towers (452m) and then with Burj Khalifa in Dubai (629m).
Standing at 1,050m, the Azerbaijan Tower will be constructed on a group of artificial islands (Kazar Islands) in the Caspian Sea, southwest of the Azerbaijan's capital city of Baku.
Kazar Islands will serve as a new hub for commercial and residential purposes and act as a new centre for business and commerce. The floating metropolis is estimated to cost US$100 billion to develop.
The Azerbaijan Tower, upon completion, will tower over Dubai's Burj Khalifa by a staggering 220m, and Saudi Arabia's Kingdom Tower by 50m.
If Eversendai is awarded the contract for the Azerbaijan Tower , it will be the second win for the company this year and its current order book will hit the RM2 billion mark.
Early this month, Eversendai won a RM325 million contract to undertake structural steel works at the Abu Dhabi International Airport.
Analysts have upgraded the company as they see further upside to the stock, looking at its earnings visibility and ventures into oil and gas support services, and potential contracts in the Middle East and India.
Kenanga Research has upgraded its recommendation for Eversendai's shares from a "market perform" to an "outperform" with an unchanged target price of RM1.44.
Another research house has retained a "buy" call on Eversendai's shares, with an unchanged target price of RM1.78.
Domestically, Eversendai is expected to secure a few contracts for projects like the Refinery and Petrochemical Integrated Development (Rapid) project by Petronas, Warisan Merdeka tower and several coal-fired plants, that could easily be worth over RM1 billion for the company.
Eversendai, which is 70.52 per cent-owned by Nathan and 8.85 per cent by the Employees Provident Fund, posted pre-tax profit of RM90.8 million on revenue of RM746.9 million for the nine months ended September 30, 2012.
sharen@nstp.com.my
Published in NST on January 30, 2013
The award of the contract to Eversendai will mark a new mile-stone for the company, which is a leading integrated structural steel turnkey and power plant contrac-tor, according to a TA Research analyst.
The 189-storey tower, which is slated to complete construction in 2018/2019, is a development by Avesta Group of Companies.
Eversendai, founded by Datuk A.K. Nathan, has been involved in the world's tallest buildings a few times, first with Malaysia's sparkling jewels the Petronas Twin Towers (452m) and then with Burj Khalifa in Dubai (629m).
Kazar Islands will serve as a new hub for commercial and residential purposes and act as a new centre for business and commerce. The floating metropolis is estimated to cost US$100 billion to develop.
The Azerbaijan Tower, upon completion, will tower over Dubai's Burj Khalifa by a staggering 220m, and Saudi Arabia's Kingdom Tower by 50m.
If Eversendai is awarded the contract for the Azerbaijan Tower , it will be the second win for the company this year and its current order book will hit the RM2 billion mark.
Early this month, Eversendai won a RM325 million contract to undertake structural steel works at the Abu Dhabi International Airport.
Analysts have upgraded the company as they see further upside to the stock, looking at its earnings visibility and ventures into oil and gas support services, and potential contracts in the Middle East and India.
Kenanga Research has upgraded its recommendation for Eversendai's shares from a "market perform" to an "outperform" with an unchanged target price of RM1.44.
Another research house has retained a "buy" call on Eversendai's shares, with an unchanged target price of RM1.78.
Domestically, Eversendai is expected to secure a few contracts for projects like the Refinery and Petrochemical Integrated Development (Rapid) project by Petronas, Warisan Merdeka tower and several coal-fired plants, that could easily be worth over RM1 billion for the company.
Eversendai, which is 70.52 per cent-owned by Nathan and 8.85 per cent by the Employees Provident Fund, posted pre-tax profit of RM90.8 million on revenue of RM746.9 million for the nine months ended September 30, 2012.
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