Journey to Wealth
UMW Holdings - Not Buying Another Rig
THE BUZZ - UMW announced that it has decided not to exercise the option to purchase its fifth jack-up rig for USD212m.
OUR TAKE
Timing it right with Petronas. We believe that the reason UMW decided not to exercise the option is possibly due to the fact that Petronas no longer needs any more jack-up rigs in the immediate term for its oilfield exploration activities.
Earnings intact. Maintain Buy. We are not making any changes to our earnings estimate as we have not incorporated this jack-up rig in our earnings forecast. We maintain our BUY call, and our Fair Value of RM11.87.
Source: OSK
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