Maintain BUY; TP at MYR5.70 with upside bias. MMHE's MYR278m job win
from Shell, a minor positive, is a prelude to an improving order book
momentum in 2H12. We foresee a sustainable order pipeline and visible
earnings growth over the next few years as it leverages on PETRONAS'
capex programme. Against this backdrop, we view MMHE as a direct proxy
to PETRONAS' domestic E&P programs. Our TP is based on 20x FY13 EPS.
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Source: Maybank Research - 28 June 2012
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