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Published: Wednesday June 27, 2012 MYT 8:34:00 AM
HDBSVR has Buy on UMW, TP RM10.15
KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) has a Buy recommendation on UMW Holdings Bhd with a target price of RM10.15 after it announced plans to expand its drilling operations.
UMW Holdings Bhd is investing US$214mil (RM684mil) to expand its drilling operations with the acquisition of offshore contractor S.D. Standard Drilling's unit and a mobile drilling rig.
HDBSVR said on Wednesday that UMW's decision to acquire a fourth rig for USD214m (RM661mil) with option to acquire fifth for US$212mil (RM655mil) was a positive surprise.
The research house said it had only factored in a fourth rig in FY14. The rigs and potential new contracts could lead to the listing of O&G segment.
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