SapuraKencana Petroleum: Brighter Days Ahead?

Quah He Wei

12-Jul-13 06:02

SapuraKencana Petroleum: Brighter Days Ahead?

Hwang DBS Vickers analyst Quah He Wei talks about Sapurakencana Petroleum:
- earnings forecasts, incorporating Trans-Thai contract

- 48% of Sapura Kencana's order book is from Brazil. Making it beyond Asia?

- protecting against inflation in Brazil.

- gearing is high with net debt to equity of about 70% for 2013, forecasted to rise to 90% for 2014 til 2016. As at 30 April, had borrowings in USD equivalent to RM7.1bn and AUD equivalent to RM7.3m. - forex risk- rising borrowing costs threaten substantial capex plans?

- One issue raised at SapKen’s recent AGM was Kencana Capital buying an 18.4% stake in Yinson. Given Kencana Capital’s 13% stake in SapKen and some overlap in the business of the two companies, potential conflict of interest?

- when SapKen would start paying dividends

- Buy call at RM4.85 target price, previously RM5.05.

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Tags: market watch, klci, investing, equities, sapurakencana petroleum

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