Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Recovering but gearing a concern Shariah-compliant
Awaiting catalysts. The 3Q11 QoQ earnings recovery was expected, consistent with our results preview. Going forward 4Q results are expected to be flattish sequentially on seasonal weakness and full-year earnings should meet our RM28m estimate. While we expect continued improvement in the OSV and OIC divisions, its high gearing level is a constraint to growth and a restriction to a re-rating. Alam remains a Hold with an unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (22 November 2011)
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Company Name: ALAM MARITIM RESOURCES BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 0.85 |
Recovering but gearing a concern Shariah-compliant
Awaiting catalysts. The 3Q11 QoQ earnings recovery was expected, consistent with our results preview. Going forward 4Q results are expected to be flattish sequentially on seasonal weakness and full-year earnings should meet our RM28m estimate. While we expect continued improvement in the OSV and OIC divisions, its high gearing level is a constraint to growth and a restriction to a re-rating. Alam remains a Hold with an unchanged target price of RM0.85 (9x 2012 EPS).
Maybank research (22 November 2011)
Click here for full report ''
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