Positive asset expansion. We are positive on SapCrest-Kencana's 49%
investment in FPSO Berantai. The FPSO, to be deployed to the field by
2Q12, should contribute about 5% or RM40m p.a. (with a 7-year
visibility) to the combined entity's 2013 net profit. Maintain Buy on
SapCrest and Kencana, with target prices of RM5.60 and RM3.66
respectively, which are unchanged for now. Incorporating the Berantai
FPSO contribution would lift these TPs by a further 6% and 5%
respectively.
Maybank Research 16 Feb 2012
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