KUALA LUMPUR (July 9): Exsim Hospitality Bhd (KL:EXSIMHB) has secured a RM63.5 million contract to undertake interior design works.

The contract was awarded to the group's wholly owned subsidiary Exsim Concepto Sdn Bhd (ECSB), by Cosmopolitan Avenue Sdn Bhd, according to a Bursa Malaysia filing on Thursday.

Cosmopolitan Avenue is involved in investment property and commercial property development, while Exsim Concepto is principally engaged in providing specialised fit-out services for hospitality property assets, general contracting business and centralised procurement business.

The contract, which commenced on July 9, is scheduled for completion by Dec 31.

Exsim Hospitality said the contract is expected to contribute positively to the group's earnings, net assets and gearing throughout the contract period.

According to AskEdge data, Exsim Hospitality is currently trading at a price-earnings ratio of 24.6 times, the highest among its peers. In comparison, Shangri-la Hotels (M) Bhd (KL:SHANG) is trading at 16.4 times, and Meta Bright Group Bhd (KL:MBRIGHT) at 22.5 times.

Exsim Hospitality’s shares price closed up half a sen or 1.2% at 42 sen on Thursday, giving the group a market capitalisation of RM975 million. The stock has risen 75% since the start of this year.