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BIMB Securities Research downgrades Scomi Energy to Sell

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BIMB Securities Research downgrades Scomi Energy to Sell Empty BIMB Securities Research downgrades Scomi Energy to Sell

Post by Cals Mon 02 Jun 2014, 23:57

BIMB Securities Research downgrades Scomi Energy to Sell
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 02 June 2014 09:27

KUALA LUMPUR (June 2): BIMB Securities Research has downgraded Scomi Energy Services Bhd to Sell (from Neutral) at RM1.05 with a target price of 90 sen and said the company posted a full year net earnings of RM81.4 million, which was below house expectations, making up of 74% and 84% of BIMB’s full year and consensus’s estimate.

In a note Monday, the research house said Scomi Energy’s FY14 revenue and EBIT fell by 3.8% and 11.7% respectively mainly due to the lower margin generated mainly attributed to the continuous margin pressure in Marine Services division.

“As expected no dividend was declared.

“We downgrade Scomi Energy from Neutral to Sell call at target price of 90 sen based on PER of 16x on FY15 EPS of 5.6sen,” it said.
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