Maintain Buy, RM5.62 TP has upside potential. OSX will build and deliver
a third PLSV to the SapCrest-Seadrill JV for the latter's USD1.4b
Petrobras contract in Brazil, thus fulfilling the contract's local
content requirement. While earnings contributions are positive
longer-term, we gather that it is crucial that these vessels are
delivered on time. Our RM5.62 TP for SapCrest excludes contributions
from its 49% stake in FPSO Berantai. Incorporating this would lift our
TP to RM5.94.
Maybank Research - 5 March 2012
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