Initiate coverage with a Buy and MYR2.68 target price.
SapuraKencana is an emerging powerhouse with a regional reach, global
aspiration and capabilities, and headed by a dedicated, experienced and
professional management team. It is a steady growth stock, asset rich
and balance sheet light, and well equipped to capitalize on
opportunities, locally and globally. Our target price pegs SapuraKencana
at 20x FY1/14 EPS, with upside bias.
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Source: Maybank Research - 17 May 2012
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