Stock Name: COASTAL
Company Name: COASTAL CONTRACTS BHD
Research House: AMMB
Company Name: COASTAL CONTRACTS BHD
Research House: AMMB
AmResearch is maintaining a "hold" recommendation on Coastal Contracts Bhd with an unchanged fair value of RM3.35 per share.
The company has secured the sale of 11 tugboats worth RM61 million to a buyer based in Central America and with this, its outstanding order book has risen by 10 per cent to RM665 million currently.
"As this represents only one time of final year of 2011 forecast revenue, we maintain the financial year 2011- 2013 earnings forecast for now," it said in a research note.
It also said that they do not expect a significant increase in additional vessel sales this year despite Coastal Contracts securing cumulative sales of RM329 million to date this year, which translates to 50 per cent of the final year 2011 revenue.
AmResearch said the group also hopes to venture into the fabrication of oil and gas structures, which hinges on its proposed joint-ventures or potential merger, with a licensed domestic operator.--Bernama
The company has secured the sale of 11 tugboats worth RM61 million to a buyer based in Central America and with this, its outstanding order book has risen by 10 per cent to RM665 million currently.
"As this represents only one time of final year of 2011 forecast revenue, we maintain the financial year 2011- 2013 earnings forecast for now," it said in a research note.
It also said that they do not expect a significant increase in additional vessel sales this year despite Coastal Contracts securing cumulative sales of RM329 million to date this year, which translates to 50 per cent of the final year 2011 revenue.
AmResearch said the group also hopes to venture into the fabrication of oil and gas structures, which hinges on its proposed joint-ventures or potential merger, with a licensed domestic operator.--Bernama
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