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CIMB Research maintains Add rating on UMW-OG, raises target price
by Cals Fri 07 Feb 2014, 09:41
| CIMB Research maintains Add rating on UMW-OG, raises target price |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Friday, 07 February 2014 09:21 |
KUALA LUMPUR (Feb 7): CIMB Research has maintained its Add rating on UMW Oil & Gas Corporation Bhd (UMW-OG) at RM4.16 with a higher target price of RM4.78 (from RM4.63) and said even with Naga 5 set for a May delivery and negotiations for the potential acquisitions of Naga 6 and Naga 7 ongoing, UMW-OG was acquiring yet another jack-up (Naga 8), slated for a Sep 2015 delivery.
In a note Feb 6, CIMB Research analyst Norziana Md Inon sai she maintains her FY14 EPS as she has imputed Naga 6 and Naga 7, but her target price rises as she raised her FY15 EPS to factor in Naga 8.
“We expect consensus, which takes a bearish view of UMW-OG's fleet expansion, to raise its numbers by a larger quantum.
“We continue to value the stock at 22.5x CY15 P/E, a 40% premium over our implied market target of 16.1x, but still within the historical P/E range of the oil & gas big caps.
“We maintain our contrarian Add call, with the aggressive fleet expansion as a potential rerating catalyst," she said.
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