RHB Research maintains Buy on SapuraKencana, fair value RM5.61
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RHB Research maintains Buy on SapuraKencana, fair value RM5.61
RHB Research maintains Buy on SapuraKencana, fair value RM5.61 |
Business & Markets 2014 |
Written by theedgemalaysia.com |
Tuesday, 17 June 2014 08:09 KUALA LUMPUR (June 17): RHB Research has maintained its Buy rating on SapuraKencana Petroleum Bhd with a fair value of RM5.61 after SapuraKencana announced the award of four drilling contracts with a collective contract value of US$700 million (RM2.3 billion). In a note Tuesday, the research house said the contracts range from one to five years, and that two of the tender assist rigs, SKD T-9 and SKD T-10, will be located in Malaysia. The SKD T-18 will be located in Thailand and the SKD Jaya in Trinidad & Tobago, it said. “The implied daily charter rate (DCR) of these collective four contracts is US$108,025, which is circa 39% lower than the DCR of the contracts that were announced earlier, ie circa US$176,389. “We believe that this is largely due to the age of the rigs and deployment locations, as older rigs and certain geographical areas command lower DCR. “We make no changes to our FY14/15 forecasts as we have already assumed that these rigs – aged 3-10 years old – will continue to be in service. Maintain Buy,” it said. |
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