Results in line; maintain Buy with a higher TP of RM5.94. RM310m FY12 net profit (+34% YoY) was in line. We raise our TP by 6% following a 3-5% upgrade in our FY13-14 net profit forecasts, as we equity account for profits from its 24.5% stake in FPSO Berantai, which will be deployed in Jul 2012. Its merger with Kencana should 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

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