Affin Hwang Capital Research Highlights

HwangDBS Research Highlights - 23 Jan 2014

kltrader
Publish date: Thu, 23 Jan 2014, 10:16 AM
kltrader
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This blog publishes research highlights from Affin Hwang Capital Research.
Following Message
Malaysia O&G 
Relentless growth 
 
PETRONAS’ record high capex to underpin strong sector growth. Robust outlook and sustainable long-term growth prospects upport further upside.
 
Top picks: SAKP, BAB, PPT and DEHB for clear earnings visibility, healthy financials and good track record 
 
SapuraKencana Petroleum; Buy; RM4.60 
Price target: RM5.90; SAKP:MK 
Best PETRONAS proxy 
 
Strong earnings visibility with c.RM25bn order book. Unrivalled dominance in Malaysia O&G offshore services to ensure more orders ahead. Maintain BUY rating and RM5.90 TP. 
 
Bumi Armada; Buy; RM4.00 
Price target: RM4.50; BAB:MK 
Global expansion drive 
 
Formidable FPSO player with good track record. Clear earnings visibility with c.RM12bn order book. Maintain BUY rating and RM4.50 TP. 
 
Perisai Petroleum; Buy; RM1.64 
Price target: RM2.00 (Prev RM1.55) ; PPT:MK 
The best is yet to come 
 
Huge potential from foreign substitution in Malaysian offshore drilling market. Production and drilling business to drive 44% earnings CAGR over FY13-15F. Maintain BUY rating, raised TP to RM2.00. 
 
Dayang Enterprise Holdings; Buy; RM5.69 
Price target: RM6.70 (Prev RM5.90) ; DEHB:MK 
Firing on all cylinders 
 
Busy years ahead with RM5bn order book providing strong earnings visibility. Synergistic win-win partnership with associate. Maintain BUY rating, raised TP to RM6.70.
 
Source: HwangDBS Research - 23 Jan 2014
SAPNRG (5218)ARMADA (5210)PERISAI (0047)DAYANG (5141)
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