[%xHDf%]
Research by Kenanga
Outperform - TP RM1.41

"Proposed 3-for-4 Bonus Issue"

ENGTEX has proposed a 3-for-4 bonus share issue. We are neutral on the exercise. It is poised to benefit from the revival of water projects and improved steel product prices. We maintain our forecasts and TP of RM1.41 with OUTPERFORM call. Our TP will be adjusted to RM0.81 post the exercise.

Analyst:
Nigel Ng 
[%BLVJ%]

$KLSE-ENGTEX
Research by Kenanga
Outperform - TP RM1.41

"Proposed 3-for-4 Bonus Issue"

ENGTEX has proposed a 3-for-4 bonus share issue. We are neutral on the exercise. It is poised to benefit from the revival of water projects and improved steel product prices. We maintain our forecasts and TP of RM1.41 with OUTPERFORM call. Our TP will be adjusted to RM0.81 post the exercise.

Analyst:
Nigel Ng 
nigel@kenanga.com.my