Bursa Malaysia Stock Watch
UMW (BUY) - O&G to turnaround in 2012!
kltrader
Publish date: Mon, 02 Apr 2012, 10:07 AM
kltrader
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UMW (BUY)
O&G to turnaround in 2012!
- UMW Oil & Gas division (O&G) has received a Letter of Amendmentand Extension from Petronas Carigali (PCSB) for a 2-year extension of theProvision of Naga 3 Jack-up Drilling Rig, worth US$105m (RM315m).
- The contract value of US$52.5m pa (US$105m/2) is higher than ourexpectations of US$41.5m pa, indicating potential higher margins (higherearnings contribution) from Naga 3 in 2012-14.
- The contract extension has reaffirmed our view on the turnaround of Oil& Gas division and lead UMW's growth in 2012.
- Maintain Buy on UMW with Target Price of RM8.25.
HLIB Research - 2 April 2012
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