Bursa Malaysia Stock Watch
Tanjung Offshore: Maintain Sell - More pain to come?
kltrader
Publish date: Tue, 28 Feb 2012, 09:50 AM
kltrader
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Cost cutting only half done; maintain Sell. TOFF's 2011 results were weaker than expected with a net loss of RM26m versus our RM14m net loss forecast. In addition, it seems that TOFF is not through with cost cutting and is likely to shutdown Tanjung CSI this quarter. Its poor cashflow and high gearing (1.7x) will necessitate a major cash infusion. We retain our Sell call with an unchanged TP of RM0.70 after rolling valuations to 2012, but on an unchanged 0.6x PBV target.
Maybank Research 28 Feb 2012
Click here for full report
Maybank Research 28 Feb 2012
Click here for full report
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