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Company Update � MMHE (ADD, upgrade)
- In a sweet spot We expect the upstream oil & gas EPCIC contract flow to pick up considerably in 2H14 / 1H15 driven by EOR related projects or greenfield development. Notable projects are Baronia CPP, North Malay basin CPP & platforms, Sepat gas processing project, Nosong platform and Kasawari gas project. Separately, Petronas had approved the FID for the Pengerang Integrated Complex project. We opine that MMHE is well positioned to benefit from both the upcoming CPP / platform works and Pengerang Integrated Complex project. We rolled forward our valuation basis to 2015 and raised our TP to RM4.20 (from RM3.30) based on a higher 21x CY15 PER. Upgrade to ADD. We view�MMHE as a good proxy to the domestic offshore fabrication sector. We like the group�for its strong focus in the offshore fabrication business, strong parentage and its strong technical partner Technip.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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