While ShawCor’s successful acquisition of Socotherm would further strengthen its near global monopoly of specialist pipe-coating, management highlighted that Wah Seong is in a strong position to acquire other pipe coaters which currently do not have deepwater pipe coating assets and have limited geographical reach. Nevertheless, identifying sizeable pipe-coating assets will take time and we believe any M&A is unlikely in the near term.
RHB Equity 360° - 4 June 2010 (Wah Seong, BAT, Axis REIT; Technical: Unisem)
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