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BIMB Securities upgrades UMWOG to Buy, target price RM4.31

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BIMB Securities upgrades UMWOG to Buy, target price RM4.31 Empty BIMB Securities upgrades UMWOG to Buy, target price RM4.31

Post by Cals Tue 09 Sep 2014, 17:23

BIMB Securities upgrades UMWOG to Buy, target price RM4.31
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 09 September 2014 09:29

KUALA LUMPUR (Sept 9): BIMB Securities Research has upgraded UMW Oil & Gas Corporation Bhd (UMWOG) to a buy at RM3.89 with a revised target price of RM4.31 after UMWOG has announced that it received a Letter of Award (LOA) from Petrovietnam for a provision of Jack-up drilling rig and associated services contract for PC Vietnam and Petronas Carigali.
In a note Tuesday, the research house said the contract value was estimated to be at US$46.5 million (RM148 million) for a period of 250 days, with options for additional wells.
“This contract is no surprise to us as we had presumed in NAGA6 contributions earlier into our model, being optimistic that UMWOG would clinch a contract for the upcoming drilling rig.
“We have tweaked our FY14 forecast slightly lower by 3% assuming a lower utilisation rate and revised up our FY15 forecast by 4%,” it said.
 
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