- Bina Puri Holdings has clinched a contract close to RM95 million from Toyo Engineering & Construction to do civil works in a steam cracker complex within the site of Petronas’ Refinery and Petrochemical Integrated Development (Rapid) project.
- The win marks the company’s first successful tender to undertake a sizeable construction project in civil works for an oil and gas complex and the firm sees it as testament to its versatility and competency in using advanced construction techniques.
- With the latest award, the group’s unbuilt order book stands at RM2.7 billion, having secured RM933 million worth of jobs year-to-date. Meanwhile, the firm is still actively tendering for various projects, both locally and overseas.
Significance: TA Research has raised its earnings forecasts for Bina Puri for FY16 and FY17 to factor in the new contract win. However, the research house has maintained it ‘Hold’ call on the stock, though it revised the share’s target price from RM0.37 to RM0.38.
Contributed by Shares Investment
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