On track Shariah-compliant
No surprises. 1HFY11 results broadly tracked expectation. We
continue to see MMHE as a direct proxy to PETRONAS’ major
domestic capex programme. Orderbook momentum is poised to be
strong over the next 3 years as the high-impact deepwater, floating
solutions and RAPID projects come into play. Maintain Buy with a
RM8.00 target price, based on 20x 2013 EPS.
Maybank research (18 November 2011)
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