Stock Name: KENCANA
Company Name: KENCANA PETROLEUM BHD
Results in line; forecasts and TP raised. 1HFY12 net profit surged 65% YoY, on track to meet our estimate of a 44% growth in FY12 net profit. We raise our FY13-14 forecasts by 5% and target price by 6% as we incorporate contributions from its 24.5% stake in FPSO Berantai, to be deployed in Jul 2012. We expect the merger plan with SapCrest to conclude in 2Q 2012, which will raise the group's profile as the world's fourth-largest provider of integrated oil & gas services, by assets. Buy.
Maybank Research - 2 April 2012
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Company Name: KENCANA PETROLEUM BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 3.86 |
Results in line; forecasts and TP raised. 1HFY12 net profit surged 65% YoY, on track to meet our estimate of a 44% growth in FY12 net profit. We raise our FY13-14 forecasts by 5% and target price by 6% as we incorporate contributions from its 24.5% stake in FPSO Berantai, to be deployed in Jul 2012. We expect the merger plan with SapCrest to conclude in 2Q 2012, which will raise the group's profile as the world's fourth-largest provider of integrated oil & gas services, by assets. Buy.
Maybank Research - 2 April 2012
Click here for full report
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