Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
Maintain Buy, RM5.62 TP has upside potential. OSX will build and deliver a third PLSV to the SapCrest-Seadrill JV for the latter's USD1.4b Petrobras contract in Brazil, thus fulfilling the contract's local content requirement. While earnings contributions are positive longer-term, we gather that it is crucial that these vessels are delivered on time. Our RM5.62 TP for SapCrest excludes contributions from its 49% stake in FPSO Berantai. Incorporating this would lift our TP to RM5.94.
Maybank Research - 5 March 2012
Click here for full report
Company Name: SAPURACREST PETROLEUM BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 5.62 |
Maintain Buy, RM5.62 TP has upside potential. OSX will build and deliver a third PLSV to the SapCrest-Seadrill JV for the latter's USD1.4b Petrobras contract in Brazil, thus fulfilling the contract's local content requirement. While earnings contributions are positive longer-term, we gather that it is crucial that these vessels are delivered on time. Our RM5.62 TP for SapCrest excludes contributions from its 49% stake in FPSO Berantai. Incorporating this would lift our TP to RM5.94.
Maybank Research - 5 March 2012
Click here for full report
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