Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
KUALA LUMPUR: CIMB Equities Research remains upbeat on SAPURACREST PETROLEUM BHD [] after it posted its highest-ever 1Q net profit of RM72 million in 1QFY1/12.
It said on Friday, July 1, the earnings which were at 24% of its full-year forecast and 25% of consensus estimates, iwas broadly in line with expectations.
The installation of pipelines and facilities (IPF) and drilling divisions were the star performers. A slight surprise was the return to losses for the marine services division.
'We maintain our forecasts and target price of RM5.12 as we continue to value SapuraCrest at a 40% premium over our 14.5x target market P/E given its marginal field venture and superior growth.
'It remains an OUTPERFORM and our top oil & gas pick in view of the potential catalysts of 1) more marginal field work, and 2) fleet expansion,' it said.
Company Name: SAPURACREST PETROLEUM BHD
| Research House: CIMB | Price Call: BUY | Target Price: 5.12 |
KUALA LUMPUR: CIMB Equities Research remains upbeat on SAPURACREST PETROLEUM BHD [] after it posted its highest-ever 1Q net profit of RM72 million in 1QFY1/12.
It said on Friday, July 1, the earnings which were at 24% of its full-year forecast and 25% of consensus estimates, iwas broadly in line with expectations.
The installation of pipelines and facilities (IPF) and drilling divisions were the star performers. A slight surprise was the return to losses for the marine services division.
'We maintain our forecasts and target price of RM5.12 as we continue to value SapuraCrest at a 40% premium over our 14.5x target market P/E given its marginal field venture and superior growth.
'It remains an OUTPERFORM and our top oil & gas pick in view of the potential catalysts of 1) more marginal field work, and 2) fleet expansion,' it said.
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