Bursa Malaysia Stock Watch
Kencana Petroleum: Maintain Buy - The making of SapCrest-Kencana
kltrader
Publish date: Mon, 02 Apr 2012, 09:56 AM
kltrader
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Results in line; forecasts and TP raised. 1HFY12 net profit surged 65% YoY, on track to meet our estimate of a 44% growth in FY12 net profit. We raise our FY13-14 forecasts by 5% and target price by 6% as we incorporate contributions from its 24.5% stake in FPSO Berantai, to be deployed in Jul 2012. We expect the merger plan with SapCrest to conclude in 2Q 2012, which will raise the group's profile as the world's fourth-largest provider of integrated oil & gas services, by assets. Buy.
Maybank Research - 2 April 2012
Click here for full report
Maybank Research - 2 April 2012
Click here for full report
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