Alam  Maritim  has  secured  a  contract  from  a  local  oil  &  gas  services company for the provision of demobilisation of a floating storage facility for  a  total  contract  sum  of  US$9.6m  (RM31.7m).  The  contract  is expected  to  commence  on  6  October  2014  until  15  November  2014. (Source: Bursa Malaysia)

Comment:  We are positive on the contract win  –  it is Alam’s first major offshore  installation  and  construction  (OIC)  contract  win  in  2014.  That said, the contract value is within our 2014E OIC contract win assumption of RM50m and hence, no changes to  our earnings forecast, BUY rating and price target of RM1.82.

Source: Affin Hwang Capital Research - 4 Nov 2014