Bursa Malaysia Stock Watch
Kencana - Maintain OUTPERFORM (CIMB)
kltrader
Publish date: Wed, 30 Jun 2010, 12:59 PM
kltrader
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New contracts (Malaysia, India and Australia) and new ventures (offshore support and drilling) fuel our optimism on Kencana. We continue to like the company for its favourable earnings prospects and its strategy of moving up the value chain with the new ventures.
As we have factored in RM1bn worth of new contract wins p.a., we maintain our earnings forecasts and target price of RM2.15, pegged to an unchanged target market P/E of 15x. We continue to rate Kencana an OUTPERFORM, with the potential share price triggers being 1) active order book replenishment, and 2) M&As.
As we have factored in RM1bn worth of new contract wins p.a., we maintain our earnings forecasts and target price of RM2.15, pegged to an unchanged target market P/E of 15x. We continue to rate Kencana an OUTPERFORM, with the potential share price triggers being 1) active order book replenishment, and 2) M&As.
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