SapuraKencana's target price raised
Publish date: Fri, 27 Jul 2012, 10:21 AM
Hong Leong Investment Bank Research raised its target price on shares of SapuraKencana Petroleum Bhd to RM2.68 from RM2.60 after the oil and gas services firm won two OandG contracts worth up to RM300 million.
As of 10.04am, shares in SapuraKencana rose 0.43 percent to RM2.36 ringgit against the Malaysian benchmark stock index's 0.03 percent gain.
"We view the contract award positively and in line with our view that SapuraKencana is a proxy to global growth in offshore OandG production growth," Hong Leong said in a note on Friday.
Keeping its "buy" rating on the company, the research house said the award highlights SapuraKencana's specialised knowledge in gas-related fabrication and offshore field work. -- Reuters
As of 10.04am, shares in SapuraKencana rose 0.43 percent to RM2.36 ringgit against the Malaysian benchmark stock index's 0.03 percent gain.
"We view the contract award positively and in line with our view that SapuraKencana is a proxy to global growth in offshore OandG production growth," Hong Leong said in a note on Friday.
Keeping its "buy" rating on the company, the research house said the award highlights SapuraKencana's specialised knowledge in gas-related fabrication and offshore field work. -- Reuters
Labels: SAPNRG
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
alexmichael
Foundamental sound share based on write out that I read in papers. Perhaps, breakout is imminent. However, technically I m unsure unless some one who is good in T.A. or charting can advise..
2012-07-30 06:42