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NewsSILK up on Carigali contracts
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SILK up on Carigali contracts
by hlk Tue 12 Jul 2011, 10:21
KUALA LUMPUR: SILK Holdings Bhd shares rose on Tuesday, July 12 after it secured four long term contracts worth RM39.75 million from Petronas Carigali Sdn Bhd to provide four anchor handling tug supply vessels (AHTSV).
At 9.10am, SILK was up three sen to 29.5 sen with 927,600 shares traded.
Its subsidiary Jasa Merin (Malaysia) Sdn Bhd secured four long term contracts for the four AHTSV were for the primary period of one year, with various effective commencement dates in July and options to extend for a further period of one year each.
MIDF Research has maintained its Buy rating on SILK with an unchanged Target Price of 46 sen.
“Our valuation is based on sum-of-parts; with a DCF valuation for the highway subsidiary, using a WACC of 5.89% and at 8.1x PER of our projected EPS FYJuly12 on the O&G subsidiary,” it said.
At 9.10am, SILK was up three sen to 29.5 sen with 927,600 shares traded.
Its subsidiary Jasa Merin (Malaysia) Sdn Bhd secured four long term contracts for the four AHTSV were for the primary period of one year, with various effective commencement dates in July and options to extend for a further period of one year each.
MIDF Research has maintained its Buy rating on SILK with an unchanged Target Price of 46 sen.
“Our valuation is based on sum-of-parts; with a DCF valuation for the highway subsidiary, using a WACC of 5.89% and at 8.1x PER of our projected EPS FYJuly12 on the O&G subsidiary,” it said.
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