Affin Hwang Capital Research Highlights

Alam Maritim: Secures RM75m vessel charter extensions

kltrader
Publish date: Tue, 30 Sep 2014, 09:43 AM
kltrader
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This blog publishes research highlights from Affin Hwang Capital Research.
Following Message

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

ALAM (5115)
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