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Maybank IB Research starts coverage on UMW Oil & Gas, target price RM4.80

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Maybank IB Research starts coverage on UMW Oil & Gas, target price RM4.80 Empty Maybank IB Research starts coverage on UMW Oil & Gas, target price RM4.80

Post by Cals Mon 20 Jan 2014, 18:53

Maybank IB Research starts coverage on UMW Oil & Gas, target price RM4.80
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 20 January 2014 09:38

KUALA LUMPUR (Jan 20): Maybank IB Research has initiated coverage on UMW Oil & Gas Corporation Bhd (UMWOG) at RM4.20 with a Buy rating and target price of RM4.80.

In a note Monday, the research house said UMWOG is the only domestic owner-operator of drilling rigs with a track record to boot.

“It offers a primary play on Malaysia and SEA's jack-up (JU) drilling activities, capitalising on: (i) Malaysia’simport substitution opportunities, (ii) rising demand for new premium JUs and (iii) strong replacement cycle prospects.

“Our target price pegs UMW OG at 23x 2015 PER, on par with big cap Malaysia O&G peers, having considered UMW OG's more superior growth (2-year net profit CAGR of 78%) and PEG (0.4x) prospects vs the sector’s 19% CAGR and 2.8x PEG,” it said.
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