Same there, thus the hope.

Public bank turn red jor. I think KLCI will also turn red later on.

always no steam 1...ai~~

buy on rumour! lol ...

thats wht my papa use to tell me..

What's the latest rumour? Didn't hear anything ler.

Rumour affecting which shares?

It Genting slowly inches it way up everyday, its possible to reach 3.600 by next week.

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Added on March 19, 2009, 3:24 pm
Bye bye TMI.. bye bye Maybank.

But both PBBs are being atacked hard currently.

This post has been edited by Freelancer: Mar 19 2009, 03:24 PM

knm goes donw again lo

It will be good if Genting can return to its former value as I've no plan to buy any more Genting (hit my quota).
Maybank still green!!! I wonder if it due to research paper and news paper recommending buy on Maybank

recommendation .. dunno who will follow

no markets rumour, the only other way is to make ur own newsgua

The boat rowers are getting tired and slowing down a bit.

Yippeee..... come come....

Something about Public bank : http://www.horizon.my/2009/03/public-bank-...pital-concerns/

what goes up must come down...

newton's law... especially applicable to My Market.

how much money u earn will also drop back to 0?

Resorts tug-of-war @ 1.920/1.930. Looks like it will last till the closing bell. Surprisingly..

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Added on March 19, 2009, 4:31 pmMost of the time.. on the minus side.. haha.


This post has been edited by Freelancer: Mar 19 2009, 04:31 PM

Surprisingly still green for Resort and KLCI...

New job bodes well for SapuraCrest

Tags: Brokers Call | Maybank IB | SapuraCrest

Written by Financial Daily
Thursday, 19 March 2009 10:46

SAPURACREST Petroleum Bhd’s success in bagging the RM3 billion Gemusut-Kakap job to install pipes and facilities (IPF) has gone down well with analysts who cover the stock.

Most research houses were already expecting the award of the latest job and some had factored in the earnings thereof.

Speculation of SapuraCrest winning the job has been around since the middle of last year.

In reports released yesterday after the announcement of the award, Maybank Investment Bank (Maybank IB) upgraded its call to a hold from fully valued while Kenanga Research maintained a buy. Both research houses assigned the target price of 80 sen for SapuraCrest’s shares.

Maybank IB said SapuraCrest could theoretically earn about RM130 million in earnings before interest and tax (Ebit) from this project or RM43 million per annum over the next three years based on a blended margin of 4.5%.

However, it cautioned that “earnings could fall below expectations on rising opex (operating expenditure) at its 50% associate (SapuraAcergy Sdn Bhd), which owns the Sapura 3000 vessel, and implementation delays at the Gumusut-Kakap project which may stretch earnings recognition beyond three years”.

“A sensitivity analysis suggests that a RM10 million delay in revenue recognition for this project could negatively impact net profit by RM1 million,” added Maybank IB.

Nevertheless, the job should bode well for SapuraCrest in the coming years at least. Kenanga said the bulk of the work in the current year would involve engineering and procurement, while the offshore installation phase would only come onstream next year.

The research outfit said the contract would contribute favourably to SapuraCrest’s IPF division’s earnings and support the research house’s FY2011 net profit expectations of RM178.9 million, up 23.8% from that of FY2010.

“Despite the flattish top line expectations of RM3.84 billion FY2011, we assume a 50% share on the joint venture’s year-on-year revenue of RM1 billion with a 4.5% Ebit margin, similar to the margin assumption for its IPF division for FY2010 and FY2011,” it noted.

SapuraCrest’s price-earnings ratio (PER) of 6.8 times is slightly above regional service providers, but this, Maybank Research said was justified, as there was no real direct comparable company in the Asian market. Also, SapuraCrest’s share price is supported by decent dividend yield of 7.5%.

Kenanga Research said the award of the contract could be taken to mean that oil majors were still spending.

“We take this as a positive sign that Petronas and the oil and gas majors are living up to their statement of continual capex spending in such trying times,” it said.
At yesterday’s close, shares of SapuraCrest put on three sen to 70 sen.



This article appeared in The Edge Financial Daily, March 19, 2009.

anyone can clear my doubt?