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Hot Stock Scomi Energy jumps 14% to 5-year high
by Cals Thu 06 Jun 2013, 14:06
Hot Stock Scomi Energy jumps 14% to 5-year high
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 06 June 2013 13:16
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KUALA LUMPUR (June 6): Scomi Energy Services Bhd jumped as much 14% to its highest in over five years. This is in anticipation that the oil and gas (O&G) support-services provider will clinch more jobs, analysts said.
At 12.30pm, Scomi Energy settled at 75.5 sen with some 17 million shares done. The exchange's fifth-largest gainer had jumped as much as 9.5 sen to 76.5 sen earlier. This is the highest since November 2007, Bloomberg data show.
Scomi Energy's share price had gained some 116% so far this year, significantly outperforming the FBM KLCI's 5% rise.
Hong Leong Investment Bank Bhd had on Tuesday (June 4) initiated coverage on Scomi Energy with a "buy" call and target price of 88 sen.
According to Hong Leong, Scomi Energy's potential to secure RM400 million worth of contracts on top of its current order book of RM5 billion will be a catalyst for the latter's share price.
Freight Management Holdings Bhd and Scomi Energy had recently announced that both firms had set up a joint venture to acquire, own and operate marine vessels.
The vessels will be leased to clients in O&G industry across South East Asia.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 06 June 2013 13:16
A + / A - / Reset
KUALA LUMPUR (June 6): Scomi Energy Services Bhd jumped as much 14% to its highest in over five years. This is in anticipation that the oil and gas (O&G) support-services provider will clinch more jobs, analysts said.
At 12.30pm, Scomi Energy settled at 75.5 sen with some 17 million shares done. The exchange's fifth-largest gainer had jumped as much as 9.5 sen to 76.5 sen earlier. This is the highest since November 2007, Bloomberg data show.
Scomi Energy's share price had gained some 116% so far this year, significantly outperforming the FBM KLCI's 5% rise.
Hong Leong Investment Bank Bhd had on Tuesday (June 4) initiated coverage on Scomi Energy with a "buy" call and target price of 88 sen.
According to Hong Leong, Scomi Energy's potential to secure RM400 million worth of contracts on top of its current order book of RM5 billion will be a catalyst for the latter's share price.
Freight Management Holdings Bhd and Scomi Energy had recently announced that both firms had set up a joint venture to acquire, own and operate marine vessels.
The vessels will be leased to clients in O&G industry across South East Asia.
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