Faber Group (RM3.03; Hold; Price Target: RM3.30; FAB MK)

Concession risk could cap upside
• Concession risk - East Malaysia contributes 50% of PBT;
Faber could still end up with sub-contractor role if
politics take precedence
• Expect 3Q10 result to be weaker q-o-q likely due to
slower progress billings from UAE
• Downgrade to Hold with SOP-derived RM3.30 TP