Upgrade to Buy, TP at MYR5.70 (20x 2013 EPS). 1Q12 results are on track (25% of our full-year forecast). Yard space has expanded and order book momentum is set to soar in 2H12. The improving outlook, coupled with a 44% fall in share price from its peak in 2011, makes MMHE's valuations much more attractive now, in our view. MMHE is a direct proxy to PETRONAS' domestic E&P programs.
Click here for full reportSource: Maybank Research - 10 May 2012