Bursa Malaysia Stock Watch
Alam Maritim Resources (Hold): RM115m contract win to start 2012
kltrader
Publish date: Fri, 27 Jan 2012, 10:23 AM
kltrader
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Positive but not yet a re-rating prospect. Securing Samsung's RM115m contract is newsflow-positive, and should contribute about 17.4% to 2012 earnings (which we have already factored in). While the contract flow momentum brought on by PETRONAS' capex plans is building up, Alam's stretched balance sheet will continue to curtail its growth potential (i.e. expansion of fleet size). Until this is addressed, Alam remains a Hold with a RM0.85 target price (9x 2012 EPS).
Maybank research (27 January 2012)
Click here for full report
Maybank research (27 January 2012)
Click here for full report
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