SapuraKencana Petroleum (Company Update): New merged-entity listed
Date:
2012-05-17
Firm:
ECMLIBRA
Stock:
Price Target:
2.52
Price Call:
HOLD
Last Price:
0.03
Upside/Downside:
+2.49 (8300.00%)
Maintain HOLD, TP: RM2.52
SapuraKencana Petroleum will be listed today at the reference price of RM2.24. Current orderbook is RM13.6bn as at May 2012, while effective orderbook stands at RM10.6bn, representing 2.3x FY12 revenue. The company is almost at its full capacity, hence we are not expecting any more projects to contribute substantial earnings for the current financial year (FY13). We maintain our HOLD recommendation with unchanged TP of RM2.52, based on 20x FY13 EPS. This is in line with our EPS CAGR forecast of 20% for FY13-15.
SapuraKencana Petroleum will be listed today at the reference price of RM2.24. Current orderbook is RM13.6bn as at May 2012, while effective orderbook stands at RM10.6bn, representing 2.3x FY12 revenue. The company is almost at its full capacity, hence we are not expecting any more projects to contribute substantial earnings for the current financial year (FY13). We maintain our HOLD recommendation with unchanged TP of RM2.52, based on 20x FY13 EPS. This is in line with our EPS CAGR forecast of 20% for FY13-15.
Source: ECM Newz Bits 17 May 2012, Full PDF Report
Discussions
1 person likes this. Showing 6 of 6 comments
Unless you got hold power otherwise b very careful !!! current price incl current & next 12 months performance . Maybe present better opportunity if price drop below 2.00 !!
2012-05-17 20:40
Walk carefully...I think this counter can be a booby trap for speculators.It is not in a hurry to move up.It is more a fundamental-play stock.With the current prices of oil the old target price have shifted fundamentally.
2012-05-18 02:22
this counter is more like a political counter than a business counter...it tends to confuse people on it's movement.
2012-05-18 08:59
this counter is more like a political counter than a business counter...it tends to confuse people on it's movement.
2012-05-18 08:59
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shld be moving up tomorrow
2012-05-17 19:59