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Wednesday, December 30, 2009

SapuraCrest Petroleum

3QFY10 : Sapura3000 inspires confidence
· Above expectations
Annualised, SapuraCrest’s 9MFY10 net profits came in 25% above our full year estimates and 10.5% above consensus estimates. Making the difference this quarter was a RM15.2m JV contribution that is driven by SapuraCrest’s ownership of the Sapura3000 together with Acergy. Our expectation was for RM10m in contribution for the full year hence the group has exceeded our expectations significantly on that front.

· IPF sees margin improvement, drilling performs as expected The group’s IPF segment saw strong margins for the quarter at 9.2% compared to 5.7% recorded in 2QFY10. We believe that newer jobs are more profitable and that charter rates for third party pipelay vessels may be lower hence allowing the group better margin. As for the drilling segment, performance was within expectations, profits held strong from good charter rates while revenue fell due to the completion of a rig agency job.

· Trouble in the marine segment?
Only one segment was a let down, and we believe, could be a cause for concern going forward. The marine segment has seen a significant decline (margins of >10% to <1%)>20yrs, maintenance costs are generally higher.

· Maintain HOLD, TP: RM2.57
SapuraCrest most certainly turned in an inspiring quarter especially in the IPF and for the Sapura3000. As such, we are upgrading our numbers for these two segments but downgrading numbers in the marine segment. The net result is still an increase of 15.3% for FY10, 19.2% for FY11 and 13.5% for FY12. We still maintain our HOLD call on the stock with an upgraded target price of RM2.57 from RM2.16 before. This is based on a 16x PE pegging FY11 estimates.



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1 comment:

tagskie said...

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