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Company Update � UMW -OG (SELL, maintain)
- Feeling the heat We understand that the regional jack-up charter rates have fallen by a sharper-than-expected 10-20% yoy. The lower charter rates, intense competition and UMW-OG�s untimely contract renewal schedule (6 of its 8 rigs to look for new contracts in 2015) will likely pressure its earnings. We cut our 2015-17E EPS by 20-35%, maintain SELL with a lower TP of RM1.60 (from RM2.00).
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