Maintain Hold; RM5.70 TP. Our recent visit to the yard confirmed that
the Gumusut-Kakap FPS project is on schedule for delivery in 2Q 2013 and
the Malikai TLP project could be the next deepwater project to be built
there. Meanwhile, the takeover of Sime Darby (SD)'s yard is set to be
completed by April and the exercise would now include the Kebabangan
project. There is no change to our earnings forecasts and TP, based on
20x 2013E PER. Current valuations support a Hold call.
Maybank Research - 30 March 2012
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