A direct PETRONAS-proxy play Shariah-compliant We remain positive on MMHE's long-term prospects. In essence, the integration of Sime Darby's yard from 1Q12 will provide a prolific platform for MMHE to capitalize on PETRONAS' domestic capex programmes. With high-impact projects in the pipeline (i.e. Malikai, FLNG, RAPID), we anticipate strong orderbook visibility from 2013. Maintain Buy with an unchanged RM8.00 target price (20x 2013 EPS).
Maybank research (21 November 2011)
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