KUALA LUMPUR: CIMB Research is maintaining its Outperform on SAPURACREST PETROLEUM BHD [] and its top oil & gas pick.
The research house said in its report issued on Thursday, Sept 30 that factors which could catalyse the stock are 1) active order book replenishment, 2) success in new markets, i.e. the Middle East, and 3) a growing fleet of strategic assets.
SapuraCrest posted a 2QFY1/11 net profit of RM53 million, taking the first-half bottomline to a record RM104 million.
CIMB Research said at 49% of its full year forecasts and 48% of consensus estimate, we consider the performance to be broadly in line with expectations. Also not surprising is an interim DPS of 3 sen, which matches last year's payout.
'We maintain our earnings forecasts but raise our target price from RM3.02 to RM3.13 as we roll it over to end-CY12 and apply our revised target market P/E of 13.8x from 15x previously,' it said.
The research house said in its report issued on Thursday, Sept 30 that factors which could catalyse the stock are 1) active order book replenishment, 2) success in new markets, i.e. the Middle East, and 3) a growing fleet of strategic assets.
SapuraCrest posted a 2QFY1/11 net profit of RM53 million, taking the first-half bottomline to a record RM104 million.
CIMB Research said at 49% of its full year forecasts and 48% of consensus estimate, we consider the performance to be broadly in line with expectations. Also not surprising is an interim DPS of 3 sen, which matches last year's payout.
'We maintain our earnings forecasts but raise our target price from RM3.02 to RM3.13 as we roll it over to end-CY12 and apply our revised target market P/E of 13.8x from 15x previously,' it said.
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