Upgrade to Buy, TP at MYR5.70 (20x 2013 EPS). 1Q12 results are on track
(25% of our full-year forecast). Yard space has expanded and order book
momentum is set to soar in 2H12. The improving outlook, coupled with a
44% fall in share price from its peak in 2011, makes MMHE's valuations
much more attractive now, in our view. MMHE is a direct proxy to
PETRONAS' domestic E&P programs.
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Source: Maybank Research - 10 May 2012
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