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Exciting times ahead for SapuraKencana, says Alliance IB Research

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Exciting times ahead for SapuraKencana, says Alliance IB Research Empty Exciting times ahead for SapuraKencana, says Alliance IB Research

Post by Cals Mon 11 Nov 2013, 14:27

Exciting times ahead for SapuraKencana, says Alliance IB Research
Business & Markets 2013
Written by theedgemalaysia.com   
Monday, 11 November 2013 08:57
KUALA LUMPUR (Nov 11):  Alliance IB Research has maintained its Strong Buy rating on SapuraKencana Petroleum Bhd (SAKP) at RM4.31 with a target price of RM4.62 and said that despite concern over increased competition for the Pan Malaysian installation contract, SapuraKencana had reportedly emerged as a front runner for the deepwater and heavylift packages.

In a note Monday, Alliance IB Research analyst Arhnue Tan said this came as little surprise to as the group was the only Malaysian company with the capacity to carry out the work.

“To note, these contracts have already been factored into our estimate as SAKP has been the key contractor for Malaysian installation work since 2008.

“We maintain our Strong Buy call on SAKP with a view to raise earnings estimates pending the completion of the acquisition of Newfield’s assets,” said Tan.

She said exciting times are ahead for SAKP with the first Petrobras contract commencing next year, the tender rigs purchase starting to contribute earnings, and the Berantai marginal field moving towards full production.

“There is further upside to our earnings estimates when the proposed acquisition of Newfield’s assets is completed by 1QFY15,” she said.
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