Stabilised but still unexciting Shariah-compliant
Opaque earnings trend till next year. We cut 2011 earnings
by 27% in anticipation of a weaker 2H performance. While 2011 results
will disappoint, we expect a stronger 2012-13. We are encouraged by
Alam's efforts to grow its operations beyond OSVs to pipelay vessels for
growth. With majority of cost front-loaded in 2011, we expect stronger
contribution from the 1MAS going forward. As such, we are keeping our
2012-13 earnings forecasts unchanged. Alam remains a Hold with an
unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (21 November 2011)
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