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.
Click here for full reportSource: Maybank Research - 28 June 2012