Bursa Malaysia Stock Watch
OSK Research maintains Buy on Kencana
kltrader
Publish date: Tue, 29 Jun 2010, 06:09 PM
kltrader
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KUALA LUMPUR: OSK Research is maintaining its Buy call on Kencana Petroleum with a higher target price (TP) of RM2.06 from the earlier RM1.85.
The research house said on Tuesday, June 29 the higher TP was based on existing PER of 16x CY11 EPS following its FY11 earnings upgrade.
?Going forward, we remain positive on the company?s performance,? it said.
OSK Research said although the fabrication portion of its current orderbook of RM1.6bn (comprising RM800m fabrication jobs and RM800m from MKR-1), would continue to be pared down pending new contracts, ?we believe it would not have problems securing new contracts given its outstanding delivery track record?.
The research house said on Tuesday, June 29 the higher TP was based on existing PER of 16x CY11 EPS following its FY11 earnings upgrade.
?Going forward, we remain positive on the company?s performance,? it said.
OSK Research said although the fabrication portion of its current orderbook of RM1.6bn (comprising RM800m fabrication jobs and RM800m from MKR-1), would continue to be pared down pending new contracts, ?we believe it would not have problems securing new contracts given its outstanding delivery track record?.
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