KUALA LUMPUR: CIMB Equities Research is maintaining an Outperform on SAPURACREST PETROLEUM BHD [] and raised the target price from RM4.90 to RM5.12.
It said on Tuesday, March 28 that the company's 4QFY1/11's record net profit of RM73 million took the full-year bottomline to an all-time high of RM231 million, 8% above its expectations though only 2% above consensus.
'The 4Q11 timing of the marine services turnaround was the main source of deviation. Another pleasant surprise was the final DPS of 5.5 sen which took full-year DPS to 8.5 sen versus our forecast of 8.0 sen,' it said.
CIMB Research said by imputing a higher pretax of RM30 million per annum instead of RM15 million for marine services, it raised its FY13-14 EPS forecasts by 4.3%, which increases its target price from RM4.90 to RM5.12.
'We continue to value the stock at a 40% premium over our 14.5 times target market P/E given its marginal field venture and superior growth. SapuraCrest remains an Outperform and our top pick in view of the potential catalysts of 1) more marginal field work, and 2) fleet expansion,' it said.
It said on Tuesday, March 28 that the company's 4QFY1/11's record net profit of RM73 million took the full-year bottomline to an all-time high of RM231 million, 8% above its expectations though only 2% above consensus.
'The 4Q11 timing of the marine services turnaround was the main source of deviation. Another pleasant surprise was the final DPS of 5.5 sen which took full-year DPS to 8.5 sen versus our forecast of 8.0 sen,' it said.
CIMB Research said by imputing a higher pretax of RM30 million per annum instead of RM15 million for marine services, it raised its FY13-14 EPS forecasts by 4.3%, which increases its target price from RM4.90 to RM5.12.
'We continue to value the stock at a 40% premium over our 14.5 times target market P/E given its marginal field venture and superior growth. SapuraCrest remains an Outperform and our top pick in view of the potential catalysts of 1) more marginal field work, and 2) fleet expansion,' it said.
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