Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research retains its Outperform on SapuraCrest and its top oil & gas pick after it announced its earnings. It said on Thursday, March 25 SapuraCrest's 4QFY1/10 net profit of RM39 million took full-year bottomline to an all-time high of RM170 million (+47% Year-on-Year), 2% above its forecast and consensus estimate. However, the company surprised with a final DPS of 4 sen, which took FY10 DPS to 7 sen, above our forecast of 6 sen. "We maintain our earnings forecasts and target price of RM3.02 as we continue to value the stock at our target market P/E of 15x. "The potential share price triggers are 1) strong 4Q10 results, 2) active order book replenishment, 3) success in new markets, and 4) a growing fleet of strategic assets," it said.
Company Name: SAPURACREST PETROLEUM BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research retains its Outperform on SapuraCrest and its top oil & gas pick after it announced its earnings. It said on Thursday, March 25 SapuraCrest's 4QFY1/10 net profit of RM39 million took full-year bottomline to an all-time high of RM170 million (+47% Year-on-Year), 2% above its forecast and consensus estimate. However, the company surprised with a final DPS of 4 sen, which took FY10 DPS to 7 sen, above our forecast of 6 sen. "We maintain our earnings forecasts and target price of RM3.02 as we continue to value the stock at our target market P/E of 15x. "The potential share price triggers are 1) strong 4Q10 results, 2) active order book replenishment, 3) success in new markets, and 4) a growing fleet of strategic assets," it said.
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