Bursa Malaysia Stock Watch
AmResearch keeps Buy on SapuraCrest, unch FV RM3.12
kltrader
Publish date: Fri, 25 Jun 2010, 05:58 PM
kltrader
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KUALA LUMPUR: AmResearch reiterates BUY call on SapuraCrest Petroleum Bhd (SapCrest) with unchanged fair value of RM3.12/share based on a CY10F PE of 22 times. The research house said on Friday, June 25 SapCrest remains its top pick in the oil gas sector.
The factors are its (i) Dominant position in the deepwater pipe-laying market; (2) Healthy balance sheet; (3) Sizeable oil gas asset ownership; (4) Substantial Seadrill equity participation of 24% currently; and (5) Strong FY09-FY13F earnings CAGR of 23%.
AmResearch said SapCrest?s 1QFY11 net profit of RM57 million came in within expectations, accounting for 25% of both its FY11F forecast of RM202 million and 23% of street estimate of RM217million.
'We caution that the group?s 4Q earnings tend to be the weakest due to lower offshore construction work during the monsoon season. Hence, we maintain FY11F-FY13F earnings. Group did not declare any quarterly dividend as expected,' it said."
The factors are its (i) Dominant position in the deepwater pipe-laying market; (2) Healthy balance sheet; (3) Sizeable oil gas asset ownership; (4) Substantial Seadrill equity participation of 24% currently; and (5) Strong FY09-FY13F earnings CAGR of 23%.
AmResearch said SapCrest?s 1QFY11 net profit of RM57 million came in within expectations, accounting for 25% of both its FY11F forecast of RM202 million and 23% of street estimate of RM217million.
'We caution that the group?s 4Q earnings tend to be the weakest due to lower offshore construction work during the monsoon season. Hence, we maintain FY11F-FY13F earnings. Group did not declare any quarterly dividend as expected,' it said."
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