Bursa Malaysia Stock Watch
Alam Maritim Resources: Hold
kltrader
Publish date: Tue, 22 Nov 2011, 03:00 PM
kltrader
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Recovering but gearing a concern Shariah-compliant
Awaiting catalysts. The 3Q11 QoQ earnings recovery was expected, consistent with our results preview. Going forward 4Q results are expected to be flattish sequentially on seasonal weakness and full-year earnings should meet our RM28m estimate. While we expect continued improvement in the OSV and OIC divisions, its high gearing level is a constraint to growth and a restriction to a re-rating. Alam remains a Hold with an unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (22 November 2011)
Click here for full report ''
Awaiting catalysts. The 3Q11 QoQ earnings recovery was expected, consistent with our results preview. Going forward 4Q results are expected to be flattish sequentially on seasonal weakness and full-year earnings should meet our RM28m estimate. While we expect continued improvement in the OSV and OIC divisions, its high gearing level is a constraint to growth and a restriction to a re-rating. Alam remains a Hold with an unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (22 November 2011)
Click here for full report ''
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