Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] shares jumped in early trade on Friday, July 1 after its net profit for the first quarter ended April 30, 2011 rose 42.7% to RM72.34 million from RM50.69 million a year ago, due to higher contribution largely from drilling division.
At 9.12am, SapuraCrest jumped 22 sen to RM1.22 with 1.49 million shares done.
Its revenue for the quarter declined to RM550.82 million from RM670.36 million in 2010 due to lower activities in the operation and maintenance division.
Maybank Investment Bank Bhd maintained its Buy rating on SapuraCrest and said the company's1QFY12 results were ahead of its expectation, on higher IPF margins.
'As such, we have raised our FY12-14 earnings forecasts by 7-9%, incorporating for a 1-ppt rise in IPF margin.
'This lifted our target price to RM4.80 (based on unchanged 20x 2012 EPS), offering a 14% upside. Maintain Buy,' it said in a note July 1.
Company Name: SAPURACREST PETROLEUM BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 4.80 |
KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] shares jumped in early trade on Friday, July 1 after its net profit for the first quarter ended April 30, 2011 rose 42.7% to RM72.34 million from RM50.69 million a year ago, due to higher contribution largely from drilling division.
At 9.12am, SapuraCrest jumped 22 sen to RM1.22 with 1.49 million shares done.
Its revenue for the quarter declined to RM550.82 million from RM670.36 million in 2010 due to lower activities in the operation and maintenance division.
Maybank Investment Bank Bhd maintained its Buy rating on SapuraCrest and said the company's1QFY12 results were ahead of its expectation, on higher IPF margins.
'As such, we have raised our FY12-14 earnings forecasts by 7-9%, incorporating for a 1-ppt rise in IPF margin.
'This lifted our target price to RM4.80 (based on unchanged 20x 2012 EPS), offering a 14% upside. Maintain Buy,' it said in a note July 1.
No comments:
Post a Comment