Bursa Malaysia Stock Watch
Tanjung Offshore RM0.85: Buy
kltrader
Publish date: Thu, 17 Nov 2011, 03:42 PM
kltrader
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Validated; results getting closer in line
Maintain Buy-awaiting catalyst. TOFF's 3Q11 results validate ourRM1.4m net loss forecast for 2011. Cost management remains aproblem with earnings derived mainly from vessels supporting its otherloss-making segments, which caps earnings potential. Still, we look forcatalyst from its new PSVs and a resolution to losses at Citech. At thisjuncture, TOFF trades at historical trough P/BV valuations, unwarrantedby its improving outlook over a 24-month period. Reiterate Buy call withan unchanged target price of RM0.98, based on 0.8x book.
Maybank research (17 November 2011)
Click here for full report ''
Maintain Buy-awaiting catalyst. TOFF's 3Q11 results validate ourRM1.4m net loss forecast for 2011. Cost management remains aproblem with earnings derived mainly from vessels supporting its otherloss-making segments, which caps earnings potential. Still, we look forcatalyst from its new PSVs and a resolution to losses at Citech. At thisjuncture, TOFF trades at historical trough P/BV valuations, unwarrantedby its improving outlook over a 24-month period. Reiterate Buy call withan unchanged target price of RM0.98, based on 0.8x book.
Maybank research (17 November 2011)
Click here for full report ''
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