The research house kept its earnings forecast on the group for FY19 and FY20 as the contract wins were in line with its replenishment assumption of RM2.5bil for the year.
It also retained its target price of RM1.05 on the counter.
"Overall, we are positive on the contract wins, with this being the second win YTD (after the Kasawari EPCC contract award), bringing YTD wins to ~RM2.5b," said Kenanga in a research note.
The research house expects the two contracts to fetch operating margins in their low-teens.
The contracts will also boost MMHE's order book, which stood at RM2.7bil as at end 3QFY19.
"On the back of recent contract wins, MHB’s order-book is currently at a multi-year high, thus providing revenue visibility well over the next 3-4 years," said Kenanga.
Meanwhile, Kenanga said it was turning more bullish on MMHE and its operating space as its tender book rose to RM13.7bil as at end 3Q19, as compared to RM3.2bil in the preceding quarter, signifying greater opportunities in the market.
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