“Presently, Ekovest’s outstanding construction order book stands at about RM5.4bil, which would ensure smooth earnings delivery for the construction division for the next four years. UOB Kay Hian said Ekovest would need to source the funding for the project, which would most likely be a combination of bonds and equity. Also, the potential listing of Duke 1 and 2 in 2018 could provide additional funding for the group,” UOB Kay Hian noted. However, our back-of-the-envelope calculation shows RM3bil-RM4bil and a high single-digit internal rate of return,” UOB Kay Hian said. UOB Kay Hian has maintained a “buy” call on Ekovest with a target price RM3.13.

Source: The Star January 18, 2017 23:01 UTC