Kenanga Research revises its target price on Malaysia Marine and Heavy Engineering Holdings (MMHE) down to RM4.04 per share from RM4.53, citing a poor execution track record.

"We remain cautious on the company until it can roll out key contracts on time and gain full access to its Sime Darby fabrication yard," the broker said in a research note on Thursday.

Maintaining its "underperform" call on the heavy engineering unit of Malaysia's state oil firm Petronas, Kenanga said it would revisit the stock when MMHE is able to address its project execution issues.

By 0134 GMT, MMHE shares rose 0.37 percent, outperforming the Malaysia benchmark index, which dropped 0.03 percent. -- Reuters