Results Note � MMHE (BUY, upgrade)
- Still challenging but valuation attractive
We maintain our forecasts and TP based on 0.7x
2017E BVPS. Operating environment remains challenging while it plies the oil
& gas value chain that is among the last to recover even if oil prices
rise and business activities recover. However, we upgrade our rating from
HOLD to BUY purely for its lackluster share price performance where valuation
has become attractive on a P/B basis, noting that 46% of its market cap
consists of cash.
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