Stock Name: MHB
Company Name: MALAYSIA MARINE AND HEAVY ENG
MIDF Research upgraded Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) to 'buy' with a higher target price of RM5.97 (US$1.89)per share on potential projects wins for the rest of this year.
"We are confident that the second half of 2012 would be a more invigorating part of the year for the (oil and gas service engineering) firm with about RM1.5-RM2 billion worth of potential works to be won," the research house said in a note today.
MMHE has already secured around RM2.1-2.4 billion worth of jobs, according to MIDF.
"Management noted that moving forward, MMHE will continue to stay true to its fabrication business roots," said the research house.
"They did not discount the fact that they are always on the lookout for potential mergers and acquisitions but it will be synergistic and not to diversify its business," it added.
By 0947 (0148 GMT), the counter was flat at RM5.30 per share, underperforming the Malaysia's benchmark stock index's 0.18 per cent rise. -- Reuters
Company Name: MALAYSIA MARINE AND HEAVY ENG
| Research House: MIDF | Price Call: BUY | Target Price: 5.97 |
MIDF Research upgraded Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) to 'buy' with a higher target price of RM5.97 (US$1.89)per share on potential projects wins for the rest of this year.
"We are confident that the second half of 2012 would be a more invigorating part of the year for the (oil and gas service engineering) firm with about RM1.5-RM2 billion worth of potential works to be won," the research house said in a note today.
MMHE has already secured around RM2.1-2.4 billion worth of jobs, according to MIDF.
"Management noted that moving forward, MMHE will continue to stay true to its fabrication business roots," said the research house.
"They did not discount the fact that they are always on the lookout for potential mergers and acquisitions but it will be synergistic and not to diversify its business," it added.
By 0947 (0148 GMT), the counter was flat at RM5.30 per share, underperforming the Malaysia's benchmark stock index's 0.18 per cent rise. -- Reuters
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