Maintain Buy with a MYR3.86 target price. The MYR0.5b job win from
Murphy, its second contract from the oil major in 2012, is positive and
reflects vibrant O&G activities in the region. With peer MMHE facing
yard bottlenecks, we expect Kencana, with its ample yard space, to be a
major beneficiary among fabricators this year. We maintain our
forecasts, having incorporated MYR2b in job wins for 2012. MYR5b worth
of fabrication jobs are expected to be rolled out this year.
Click here for full report
Source: Maybank Research - 9 May 2012
No comments:
Post a Comment