Bursa Malaysia Stock Watch

Malaysia Marine and Heavy Engineering Holdings (Hold): Post site visit note

kltrader
Publish date: Fri, 09 Dec 2011, 10:28 AM
kltrader
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Positive but priced in. The yard is busy. Order flow is visibly strong. Replenishment is not an issue but constrained yard space is, in our view. The strategic purchase of Sime Darby's yard will not materially enhance 2012-13 earnings but should beef up MMHE's earnings from 2014. We reckon MMHE's prospects for 2012-13 are already priced in. As such, MMHE remains a Hold with a RM5.70 TP (20x 2013 EPS).


Maybank research (9 December 2011)

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