Affin Hwang Capital Research Highlights
Alam Maritim: Secures RM75m vessel charter extensions
Alam has received a Letter of Extension from ExxonMobil E&P Malaysia for the extension of charter agreements for 1 unit of accommodation barge and 1 unit of anchor handling tug (AHT) vessel. The RM75m extension contracts are for 2 years for the accommodation barge and 1 year for the AHT vessel, effective from Oct-14.
Comment:
We are positive on the contract extensions but made no change to our earnings forecasts as the extensions are well anticipated. Maintain BUY with an unchanged TP of RM1.82 based on 14x CY15 PER.
Source: Affin Hwang Capital Research - 30 Sep 2014
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