Bursa Malaysia Stock Watch

MMHE: Maintain Buy - Bags Shell Job; More To Follow

kltrader
Publish date: Thu, 28 Jun 2012, 09:49 AM
kltrader
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Maintain BUY; TP at MYR5.70 with upside bias. MMHE's MYR278m job win from Shell, a minor positive, is a prelude to an improving order book momentum in 2H12. We foresee a sustainable order pipeline and visible earnings growth over the next few years as it leverages on PETRONAS' capex programme. Against this backdrop, we view MMHE as a direct proxy to PETRONAS' domestic E&P programs. Our TP is based on 20x FY13 EPS.

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Source: Maybank Research - 28 June 2012
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