By Sharen Kaur
Published in NST on April 9, 2014
According to Bursa Malaysia filings, he has been actively accumulating shares in small numbers since March last year.
The last transaction was on Monday, when he acquired 130,000 shares at RM1.05 apiece, or RM136,746.
“I believe in Eversendai and I know the actual worth of the company. If the market is not able to rationalise, then I have to buy. I am buying only small stakes and not big quantities,” he told Business Times in a recent interview.
Analysts are advising investors to hold their position in the company.
Their median target price for Eversendai is RM1.15, with a high estimate of RM1.90.
For fiscal year 2013, Eversendai’s net profit fell to RM30.99 million from RM115.32 million in 2012, while turnover also dropped to RM965.05 million from RM1.02 billion previously.
The near completion of significant projects and the initial stages of new ones, as well as impairment loss on its investment in associated companies, resulted in lower earnings for the company.
Nathan said Eversendai’s current order book of RM1.1 billion will reflect better in the current year’s earnings. He is bullish that the company will achieve its RM2 billion revenue target by 2017.
“The outlook and future of Eversendai is promising and the numbers (revenue and net profit) will keep improving as the company progresses.” Despite lower earnings last year, the company
increased its cash reserves by 32.77 per cent, or RM35.01 million.
Cash flow from financing totalled RM245.2 million, or 25.4 per cent, of revenues. In addition, the company generated RM38.42 million in cash from its operations.
Published in NST on April 9, 2014
KUALA LUMPUR: Tan Sri A.K. Nathan, founder and group managing director of Eversendai Corp Bhd, is raising his stake in the company on its future prospects and to give confidence to investors.
Nathan owns 70.95 per cent of Eversendai, an integrated structural steel turnkey and power plant contractor.According to Bursa Malaysia filings, he has been actively accumulating shares in small numbers since March last year.
The last transaction was on Monday, when he acquired 130,000 shares at RM1.05 apiece, or RM136,746.
“I believe in Eversendai and I know the actual worth of the company. If the market is not able to rationalise, then I have to buy. I am buying only small stakes and not big quantities,” he told Business Times in a recent interview.
Analysts are advising investors to hold their position in the company.
Their median target price for Eversendai is RM1.15, with a high estimate of RM1.90.
For fiscal year 2013, Eversendai’s net profit fell to RM30.99 million from RM115.32 million in 2012, while turnover also dropped to RM965.05 million from RM1.02 billion previously.
The near completion of significant projects and the initial stages of new ones, as well as impairment loss on its investment in associated companies, resulted in lower earnings for the company.
Nathan said Eversendai’s current order book of RM1.1 billion will reflect better in the current year’s earnings. He is bullish that the company will achieve its RM2 billion revenue target by 2017.
“The outlook and future of Eversendai is promising and the numbers (revenue and net profit) will keep improving as the company progresses.” Despite lower earnings last year, the company
increased its cash reserves by 32.77 per cent, or RM35.01 million.
Cash flow from financing totalled RM245.2 million, or 25.4 per cent, of revenues. In addition, the company generated RM38.42 million in cash from its operations.
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