Stock Name: SCOMI
Company Name: SCOMI GROUP BHD
Research House: AMMB
KUALA LUMPUR: SCOMI GROUP BHD [] shares advanced in active trade on Tuesday, April 20 after AmResearch Sdn Bhd upgraded it and accorded fair value of 76 sen while it expects the company to secure more monorail projects. At 3.27pm, Scomi is up 3.5 sen to 49.5 sen with 24.9 million shares done while the warrants, Scomi-WA rose 2.5 sen to 24 sen. AmResearch upgraded Scomi to buy, from hold previously, at 46 sen with a higher fair value of 76 sen, previously 48 sen, based on a price-to-earnings (PE) multiple of 12 times, which is in-line with peer average. It added that Scomi was trading towards the lower end of its PE band at a multiple eight times. However, the research house believed Scomi's revenue from drilling fluids and drilling waste management should pick up. "Another re-rating catalyst would be forthcoming for Scomi, if it were successful in securing new monorail jobs. First phase awards for monorail work in Brazil (24km) - valued at US$2 billion (RM6.41 billion) - should be announced within the next few weeks," it said.
Company Name: SCOMI GROUP BHD
Research House: AMMB
KUALA LUMPUR: SCOMI GROUP BHD [] shares advanced in active trade on Tuesday, April 20 after AmResearch Sdn Bhd upgraded it and accorded fair value of 76 sen while it expects the company to secure more monorail projects. At 3.27pm, Scomi is up 3.5 sen to 49.5 sen with 24.9 million shares done while the warrants, Scomi-WA rose 2.5 sen to 24 sen. AmResearch upgraded Scomi to buy, from hold previously, at 46 sen with a higher fair value of 76 sen, previously 48 sen, based on a price-to-earnings (PE) multiple of 12 times, which is in-line with peer average. It added that Scomi was trading towards the lower end of its PE band at a multiple eight times. However, the research house believed Scomi's revenue from drilling fluids and drilling waste management should pick up. "Another re-rating catalyst would be forthcoming for Scomi, if it were successful in securing new monorail jobs. First phase awards for monorail work in Brazil (24km) - valued at US$2 billion (RM6.41 billion) - should be announced within the next few weeks," it said.
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