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ECM Libra Research maintains Trading Buy call on SapuraCrest
by hlk Tue 06 Dec 2011, 13:55
KUALA LUMPUR (Dec 6): ECM Libra Investment Research has maintained its Trading Buy recommendation on SapuraCrest at RM4.22 and said the company’s 9MFY12 earnings of RM233.7 million beat the research house’s and consensus estimates by making up to 80% of both full year estimates.
In a note Tuesday, ECM Libra said the drivers for SapuraCrest were (1) the group’s ongoing merger exercise and (2) significant geographic expansion into Brazil and also Australia (through the purchase of Clough’s marine assets).
“SapuraCrest is becoming a global pipelaying and installation player by 2015 with a fleet of 7 pipe lay barges (currently 4 including Clough’s assets).
“Maintain target price of RM4.60, pegging to the offer price for SapuraCrest in the merger exercise with Kencana,” it said.
In a note Tuesday, ECM Libra said the drivers for SapuraCrest were (1) the group’s ongoing merger exercise and (2) significant geographic expansion into Brazil and also Australia (through the purchase of Clough’s marine assets).
“SapuraCrest is becoming a global pipelaying and installation player by 2015 with a fleet of 7 pipe lay barges (currently 4 including Clough’s assets).
“Maintain target price of RM4.60, pegging to the offer price for SapuraCrest in the merger exercise with Kencana,” it said.
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