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Top Calls
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Results Note � Sapura Kencana (BUY,
maintain)
- Good results, US$415m contract wins, maintain BUY SKP reported a record quarterly core net profit of RM334.3m (+142% yoy) in 1QFY01/15. The group�s 1Q15 revenue increased by 50.6% yoy to RM2.4bn following the inclusion of tender rig business (acquired from Seadrill) and SapuraKencana Energy Inc (SKEI, acquired from Newfield). The tender rigs and energy businesses typically command higher profit margin and hence, lifted SKP�s 1Q15 EBITDA margin to 35.5% (from 20.3% in 1Q14). Overall, the results are within market and our expectations. SKP also announced yesterday that the group has secured US$415m (RM1.3bn) worth of EPCIC contracts for the provision of 3 wellhead platforms to Hess and 4 wellhead platforms and associated subsea pipelines services to CPOP. SKP has had a fruitful year thus far with US$1.9bn (RM6bn) worth of new contract wins / extensions. We maintain our earnings forecast, BUY rating and TP of RM5.45 based on 18x CY15 EPS.
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Other Calls
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Economy � ASEAN Outlook � Weekly Wrap (13 � 19 June 2014)
- Weakness in Singapore�s May NODX may be temporary
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