Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
Regional aspiration shaping up. JV SapuraAcergy's recent win of a USD100m subsea construction job is a positive and should contribute about 6% to FY12 net profit (pre-merger). The merger with Kencana is on track, and we expect the Newco to secure more local jobs this year, which could include a new marginal field Risk Sharing Contract (RSC). Maintain Buy with a RM5.60 target price.
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Company Name: SAPURACREST PETROLEUM BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 5.60 |
Regional aspiration shaping up. JV SapuraAcergy's recent win of a USD100m subsea construction job is a positive and should contribute about 6% to FY12 net profit (pre-merger). The merger with Kencana is on track, and we expect the Newco to secure more local jobs this year, which could include a new marginal field Risk Sharing Contract (RSC). Maintain Buy with a RM5.60 target price.
Click here for full report
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