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Published: Monday June 18, 2012 MYT 8:51:00 AM
Updated: Monday June 18, 2012 MYT 3:08:54 PM
HDBSVR maintains buy on SapuraKencana at RM2.70
KUALA LUMPUR: Hwang DBS Vickers Research is maintaining a buy on SapuraKencana Petroleum at RM2.70.
It said on Monday that SapuraKencana is a strong contender for Malaysian O&G tenders in the pipeline.
“Business as usual after Seadrill sells 300m shares; JV operations still gaining momentum. Maintain BUY rating and RM2.70 TP,” it said.
HDBSVR said it expects Petronas to award more contracts in 2H12 after delays in 1H12. SapuraKencana is a frontrunner for Petronas' inspection, repair & maintenance tender (RM900m) given its market lead via 100%-owned Allied Marine & Equipment.
“It may also bid for Petronas' RM5bn and Shell's RM2bn hook-up & commissioning (HUC) tenders, expected to be awarded by year end. Its under-utilised fabrication yard in Lumut also makes it a prime candidate for more fabrication contracts amid the rising capex cycle. SapuraKencana is among the strongest candidates, if not the best, for these tenders because of its lead in the respective services,” it said.
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