KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day. In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended. Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion. ...
Retain OUTPERFORM with an unchanged target price (TP) of RM1.90
SapuraKencana Petroleum’s (SAKP) wholly-owned subsidiaries have been awarded a combined value of c.USD300m (c.RM1.3bn) worth of contracts. The awards are for the engineering and construction (E&C) and drilling divisions. The Group’s orderbook wins to-date stands at RM5.5bn for FY17F. We continue to maintain our estimates however due to these new contracts being part of the replenishment for FY18 onwards, coupled with the nature of the contracts in which revenue is recognised on a progress billing cycle or call-out basis for instance. Our Outperform view on SAKP is nonetheless reaffirmed with an unchanged TP of RM1.90 based on our blended SOP valuation.
- PETRONAS Carigali Sdn. Bhd (PCSB) award. For a duration of 2 years and to be performed on a call-out basis, the Group secured a contract for the provision of underwater services located at the offshore waters of Peninsular Malaysia. The job scope comprises of underwater services with vessels, air and saturation diving, remotely operated vehicle (ROV) and other related underwater services, including inspection, maintenance and repair to support PCSB’s underwater facilities.
- Another PCSB contract. Awarded to SapuraKencana GeoSciences Sdn. Bhd. for the provision of soil investigation services at both Peninsular Malaysia and Sarawak/Sabah operation areas, the contract is for a duration of 1 year with an optional extension for another 1 year.
- Hyundai Heavy Industries award is for the provision of offshore installation work of CPP Jacket and Bridge for BARDEGG-2 and Baronia Enhanced Oil Recovery (EOR) Development Project. Awarded to SapuraKencana TL Offshore Sdn. Bhd. (SKTLO), the contract is scheduled to commence in Q1 2017 in East Malaysia.
- Repsol contract. The award is for the provision of transportation and installation of pipeline, substructure and topside for Bunga Pakma Development Project by Repsol Oil & Gas Malaysia Limited (formerly known as Talisman Malaysia Limited). Awarded to SKTLO, the contract is for a duration of 12 months, comprising of transportation and installation of Bunga Pakma, a wellhead riser platform which includes jacket, piles, topside, wet gas pipeline and subsea composite cable.
- SKD Alliance contract. For a duration of 5 years firm with an optional extension for an additional 5 years and scheduled to commence in April 2018, the contract is by Brunei Shell Petroleum Sdn. Bhd. for the provision of the SKD Alliance Tender Assist Drilling Rig awarded to SapuraKencana Drilling Sdn. Bhd.
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