Visit Note
- 4QFY06/10 results likely good at RM41m given that management has guided for a 15% yoy growth in net earnings for FY10. This would be in line with our RM131.4m FY10 forecasts.
- KM-1 to commence operations by FY11. Management confirmed that the KM-1 is already with Petronas Carigali S/B (PSCB) and once approved as fit-to-work (targeted by mid-Sep) the commencement of the project will bump up revenue by RM150m p.a and could lift net earnings by RM42-52.5m p.a.
- Management expects the award for the SOGT to be announced by Sep, and we understand there are in total eight other short-listed candidates. Indicative valuations for the project are at RM2-3bn.
- Kencana is now focusing on brownfield services (hook-up and commissioning (HUC) and offshore maintenance) and offshore support vessels (OSV) chartering services.
RHB Equity 360° - 20 August 2010 (Kencana, Carlsberg, Jaya Tiasa, HL Bank, PLUS, Dialog, YTLP, YTLC, WCT, M...
No comments:
Post a Comment