Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
Positive asset expansion. We are positive on SapCrest-Kencana's 49% investment in FPSO Berantai. The FPSO, to be deployed to the field by 2Q12, should contribute about 5% or RM40m p.a. (with a 7-year visibility) to the combined entity's 2013 net profit. Maintain Buy on SapCrest and Kencana, with target prices of RM5.60 and RM3.66 respectively, which are unchanged for now. Incorporating the Berantai FPSO contribution would lift these TPs by a further 6% and 5% respectively.
Maybank Research 16 Feb 2012
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Company Name: SAPURACREST PETROLEUM BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 5.60 |
Positive asset expansion. We are positive on SapCrest-Kencana's 49% investment in FPSO Berantai. The FPSO, to be deployed to the field by 2Q12, should contribute about 5% or RM40m p.a. (with a 7-year visibility) to the combined entity's 2013 net profit. Maintain Buy on SapCrest and Kencana, with target prices of RM5.60 and RM3.66 respectively, which are unchanged for now. Incorporating the Berantai FPSO contribution would lift these TPs by a further 6% and 5% respectively.
Maybank Research 16 Feb 2012
Click here for full report
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