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NewsM & A Securities maintains Buy on SapuraKencana, fair value RM5.95
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M & A Securities maintains Buy on SapuraKencana, fair value RM5.95
by Cals Fri 28 Jun 2013, 08:58
M & A Securities maintains Buy on SapuraKencana, fair value RM5.95
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 28 June 2013 08:29
KUALA LUMPUR (June 28): M & A Securities Research has maintained its Buy rating on SapuraKENCANA PETROLEUM BHD [] with fair value RM5.95 after the company’s associate secured a US$2.7 billion contract from Brazil's Petroleo Brasileiro (Petrobras) to build and provide three deepwater flexible pipe laying support vessels (PLSV) for eight years.
SapuraKencana said on Thursday the latest job was in addition to a US$1.4bil Petrobras contract secured in November 2011 to provide three of these vessels.
The new contract was awarded to SapuraKencana's associate company, Sapura Nevegacao Maritima S.A. Brazil (SNM), following a Petrobras tender that was launched late last year.
In a note Friday, M & A Securities said that under the terms of the latest award, the three new PLSVs will be built outside Brazil.
SNM has been contracted to charter and operate the new vessels for eight years, with extension option for an additional eight years, it said.
“We maintain our Buy call and fair value for SapuraKencana at RM4.95 by peg to P/E multiple of 22x,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 28 June 2013 08:29
KUALA LUMPUR (June 28): M & A Securities Research has maintained its Buy rating on SapuraKENCANA PETROLEUM BHD [] with fair value RM5.95 after the company’s associate secured a US$2.7 billion contract from Brazil's Petroleo Brasileiro (Petrobras) to build and provide three deepwater flexible pipe laying support vessels (PLSV) for eight years.
SapuraKencana said on Thursday the latest job was in addition to a US$1.4bil Petrobras contract secured in November 2011 to provide three of these vessels.
The new contract was awarded to SapuraKencana's associate company, Sapura Nevegacao Maritima S.A. Brazil (SNM), following a Petrobras tender that was launched late last year.
In a note Friday, M & A Securities said that under the terms of the latest award, the three new PLSVs will be built outside Brazil.
SNM has been contracted to charter and operate the new vessels for eight years, with extension option for an additional eight years, it said.
“We maintain our Buy call and fair value for SapuraKencana at RM4.95 by peg to P/E multiple of 22x,” it said.
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