KUALA LUMPUR: CIMB Equities Research remains upbeat on SAPURACREST PETROLEUM BHD [] after it posted its highest-ever 1Q net profit of RM72 million in 1QFY1/12.
It said on Friday, July 1, the earnings which were at 24% of its full-year forecast and 25% of consensus estimates, iwas broadly in line with expectations.
The installation of pipelines and facilities (IPF) and drilling divisions were the star performers. A slight surprise was the return to losses for the marine services division.
'We maintain our forecasts and target price of RM5.12 as we continue to value SapuraCrest at a 40% premium over our 14.5x target market P/E given its marginal field venture and superior growth.
'It remains an OUTPERFORM and our top oil & gas pick in view of the potential catalysts of 1) more marginal field work, and 2) fleet expansion,' it said.
It said on Friday, July 1, the earnings which were at 24% of its full-year forecast and 25% of consensus estimates, iwas broadly in line with expectations.
The installation of pipelines and facilities (IPF) and drilling divisions were the star performers. A slight surprise was the return to losses for the marine services division.
'We maintain our forecasts and target price of RM5.12 as we continue to value SapuraCrest at a 40% premium over our 14.5x target market P/E given its marginal field venture and superior growth.
'It remains an OUTPERFORM and our top oil & gas pick in view of the potential catalysts of 1) more marginal field work, and 2) fleet expansion,' it said.
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