Results met expectations. Alam Maritim's 4Q11 and 2011 core earnings
were in line. We are maintaining our earnings forecasts as we expect
2012 profits to be stronger on higher offshore supply vessel (OSV)
utilisation and better offshore installation and construction (OIC)
earnings. Nevertheless, Alam's net gearing (1x) coupled with its
off-balance sheet obligations remain concerns. Alam remains a Hold with a
raised target price of RM0.92 (+8%) as we roll forward valuations to
2013, on an unchanged PER target of 9x.
Maybank Research 29 Feb 2012
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