Maintain Buy with a RM5.60 TP. SapCrest's rapid expansion of its marine
fleet to capitalise on the boom in the installation of pipelines and
facilities (IPF) markets is positive, in keeping with its aspiration to
be a regional player. This strategy will be rewarding, if executed well.
However, contributions will only be realised from FY15. We remain
positive on its strong ability to grow and pursue new jobs for medium
term growth, and continue to rate SapCrest a Buy.
Maybank research (13 January 2012)
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