Bursa Malaysia Stock Watch
Alam Maritim Resources: Hold
kltrader
Publish date: Mon, 21 Nov 2011, 10:09 AM
kltrader
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Stabilised but still unexciting Shariah-compliant
Opaque earnings trend till next year. We cut 2011 earnings by 27% in anticipation of a weaker 2H performance. While 2011 results will disappoint, we expect a stronger 2012-13. We are encouraged by Alam's efforts to grow its operations beyond OSVs to pipelay vessels for growth. With majority of cost front-loaded in 2011, we expect stronger contribution from the 1MAS going forward. As such, we are keeping our 2012-13 earnings forecasts unchanged. Alam remains a Hold with an unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (21 November 2011)
Click here for full report ''
Opaque earnings trend till next year. We cut 2011 earnings by 27% in anticipation of a weaker 2H performance. While 2011 results will disappoint, we expect a stronger 2012-13. We are encouraged by Alam's efforts to grow its operations beyond OSVs to pipelay vessels for growth. With majority of cost front-loaded in 2011, we expect stronger contribution from the 1MAS going forward. As such, we are keeping our 2012-13 earnings forecasts unchanged. Alam remains a Hold with an unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (21 November 2011)
Click here for full report ''
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