KUALA LUMPUR: SAPURACREST PETROLEUM BHD [] shares advanced on Friday, July 1 after its net profit for the first quarter ended April 30, 2011 rose 42.7% to RM72.34 million from RM50.69 million a year earlier, due to higher contribution largely from drilling division.
At 3.10pm, SapuraCrest was up eight sen to RM4.28 with 794,900 shares traded.
Maybank IB Research in a note July 1 said the company's 1QFY12 results were ahead of our expectation, on higher IPF margins.
'As such, we have raised our FY12-14 earnings forecasts by 7-9%, incorporating for a 1-ppt rise in IPF margin.
'This lifted our target price to RM4.80 (based on unchanged 20x 2012 EPS), offering a 14% upside. Maintain Buy,' it said.
SapuraCrest said on Thursday, June 30 that its revenue for the quarter, however, declined to RM550.82 million from RM670.36 million in 2010 due to lower activities in the operation and maintenance division.
Earnings per share was 5.67 sen while net assets per share was 91 sen.
SapuraCrest said barring unforeseen circumstances, it expects to achieve satisfactory results for the financial year ending Jan 31, 2012.
At 3.10pm, SapuraCrest was up eight sen to RM4.28 with 794,900 shares traded.
Maybank IB Research in a note July 1 said the company's 1QFY12 results were ahead of our expectation, on higher IPF margins.
'As such, we have raised our FY12-14 earnings forecasts by 7-9%, incorporating for a 1-ppt rise in IPF margin.
'This lifted our target price to RM4.80 (based on unchanged 20x 2012 EPS), offering a 14% upside. Maintain Buy,' it said.
SapuraCrest said on Thursday, June 30 that its revenue for the quarter, however, declined to RM550.82 million from RM670.36 million in 2010 due to lower activities in the operation and maintenance division.
Earnings per share was 5.67 sen while net assets per share was 91 sen.
SapuraCrest said barring unforeseen circumstances, it expects to achieve satisfactory results for the financial year ending Jan 31, 2012.
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