Latest news with #BinastraCorporationBhd
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
Binastra retains Buy, target price raised to RM2.30
Binastra Corporation Bhd secured a RM268m contract from TNJ Development Sdn Bhd, a subsidiary of CPI Land, for the main building works of Tuan Heritag3 (RM670m gross development value). The work scope covers the construction of a 45-storey apartment comprising 1,269 units in Segambut, KL. The contract is slated to commence in Aug 2025, with targeted completion by Dec 2027. We make no changes to our earnings forecast as this contract win falls within our replenishment assumptions. We reiterate our Buy rating and 12-month target price of RM2.30, based on an unchanged target 18x multiple on FY26E EPS. We continue to like Binastra for its strong competitive advantage as a preferred contractor with key clients and superior profit margins. Key downside risks include slower-than-expected order book replenishment, unforeseen delays, and project margin cost pressure. – Phillip Research Sdn Bhd (June 12, 2025) (Calls by analysts tracked by Bloomberg: 6 Buy, 0 Hold, 0 Sell; Consensus target price: RM2.22)
New Straits Times
2 days ago
- Business
- New Straits Times
Binastra bags RM268mil contract to build 45-storey apartment block
KUALA LUMPUR: Binastra Corporation Bhd's unit Binastra Builders Sdn Bhd has secured a RM268 million contract for the construction of a 45-storey suite apartment block here. The contract was awarded by TNJ Development Sdn Bhd, a subsidiary of CPI Land Sdn Bhd. According to a filing with Bursa Malaysia, the project is set to begin on Aug 15 and is expected to be completed within 28 months. The scope of contract includes the main building works for the development, which consists of a 45-storey tower housing 1,269 apartment units. The structure will feature three levels of amenities and recreational facilities, eight levels of podium parking, 37 floors of residential suites and a guardhouse. "The contract is expected to provide an additional income stream for the group over the next three financial years," it said. Binastra managing director Datuk Jackson Tan Kak Seng said the latest contract represents further progress in strengthening the company's footprint in the Klang Valley, as it continues to expand its portfolio and gain momentum, with nearly RM1 billion in new contracts secured to date this year. "We are honoured to secure this contract from a new client beyond our existing main clienteles. It is always exciting to collaborate with forward-thinking developers who share our passion for creating exceptional projects," he said. Binastra's new contract wins for the year to date have reached RM976.9 million, boosting its total outstanding order book to RM4.3 billion.
