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Maybank IB Research maintains Buy on Barakah Petroleum, ups target price to RM1.90

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Maybank IB Research maintains Buy on Barakah Petroleum, ups target price to RM1.90 Empty Maybank IB Research maintains Buy on Barakah Petroleum, ups target price to RM1.90

Post by Cals Fri 25 Apr 2014, 02:01

Maybank IB Research maintains Buy on Barakah Petroleum, ups target price to RM1.90
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 24 April 2014 09:04
KUALA LUMPUR (April 24): Maybank IB Research has maintained Buy on Barakah Offshore Petroleum Bhd at RM1.61 with a  higher target price of RM1.90 (from RM1.85) and said the Pengerang pipeline job secured by the company would contribute about RM13 million net profit to Barakah, based on its 50% stake.

Barakah, together with its 50:50 consortium partner CPM Construction S/B,has secured a Letter of Award from Petronas Gas for the procurement, construction and commissioning of the Pengerang pipeline.

The contract value is estimated to be RM260 million and works are expected to start immediately, with a 2Q16 completion schedule.  

In a note Thursday, the research house said it was raising its FY14-16 net profit forecasts by 1-4% with majority of works to be recognised in FY15.

“Maintain Buy with a higher RM1.90 target price (from RM1.85), pegged to unchanged 14x FY15 FD PER,” it said.
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