Malaysia Marine and Heavy Engineering Holdings: Maintain Hold - Yard trip: Progress and prospects

Date: 
2012-03-30
Firm: 
MAYBANK
Stock: 
MHB
Price Target: 
5.70
Price Call: 
HOLD
Last Price: 
0.425
Upside/Downside: 
+5.275 (1241.18%)
Maintain Hold; RM5.70 TP. Our recent visit to the yard confirmed that the Gumusut-Kakap FPS project is on schedule for delivery in 2Q 2013 and the Malikai TLP project could be the next deepwater project to be built there. Meanwhile, the takeover of Sime Darby (SD)'s yard is set to be completed by April and the exercise would now include the Kebabangan project. There is no change to our earnings forecasts and TP, based on 20x 2013E PER. Current valuations support a Hold call.

Maybank Research - 30 March 2012

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Raymond Tan

By far the largest servicing company for ships in Msia. Good buy at 5.30

2012-04-05 07:54

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