Quick take: Kerjaya Prospek shares jump 13% on new contract

  • Stock on the Move
  • Wednesday, 02 Sep 2020

KUALA LUMPUR: Shares of Kerjaya Prospek Group Bhd rose more than 13% on Wednesday after securing a RM203.7mil serviced apartment contract.

The construction group jumped 13.73%, or 14 sen to RM1.16, its highest in about six months with over two million shares done.

Kerjaya Prospek secured the contract from Gamuda Bhd to undertake the construction of a residential and commercial development project in Gamuda Cove.

The contract marks Kerjaya Prospek’s fourth contract for the year, bringing the total contract wins to date to RM1.2bil, the group said.

Kerjaya Prospek’s outstanding order book now stands at RM3.6bil, it added in a statement.

The serviced apartments will take 27 months to complete from the commencement date on Sept 1.

Kenanga has upgraded its replenishment target to RM1.5bil from RM1.3bil previously following this job win, which brings its forecast in line with that of Kerjaya Prospek's management.

The research house raised its FY21 earnings projection by 3% while maintaining FY20 earnings forecasts.

Kenanga maintained its "outperform" on Kerjaya Prospek with a higher target price of RM1.50 from RM1.02 previously.

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Kerjaya Prospek , Gamuda Cove


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