KUALA LUMPUR, March 11 (Bernama) -- Kerjaya Prospek Group Bhd’s share price took a tumble in the early trading session today despite news that its wholly-owned subsidiary had secured a second contract win for the year.
As of 10.33 am, the counter declined nine sen to RM1.98 with 202,800 shares traded.
Yesterday, Kerjaya Prospek (M) Sdn Bhd was awarded a RM51.03 million contract by Persada Mentari Sdn Bhd (PMSB) for piling and earthworks at a proposed service apartment project in Bandar Tanjung Pinang, Andaman Island, Penang.
In a research note, Kenanga Investment Bank Bhd said it believes that the contract is positive for the group, as it has brought the group’s year-to-date contract wins to RM307.4 million, against its financial year 2025 job replenishment assumption of RM1.8 billion and management’s target of RM1.6 billion.
“The group’s current total outstanding order book stands at RM4.05 billion, which will keep them busy for the next three years,” the investment bank said.
Overall, Kenanga has maintained its ‘market perform’ rating on the group, which is supported by decent dividend yields of upwards of five per cent, based on its regular dividend payout.
The investment bank has also placed a target price of RM2.10 per unit for Kerjaya Prospek’s shares, in view of the group’s focus on the high-rise building sector, which is currently weighed down by oversupply in the office and residential segments.
-- BERNAMA
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