Swiber: Could see further positive interest today, after Co announced a Notice of Award from a leading oil and gas operator in South Asia worth approximately US$125m. Contract win comes a day after grp announced that it had a US$34m contract. Scope of work comprises engineering, procurement, transportation and installation of several pipelines in South Asia including platform modifications. The offshore work will commence in 4Q11 and is expected to be completed by 2Q12…..
Contract is the second contract win for 2011 (note that Swiber has not won any new contracts since June last year), and brings orderbook to approximately US$839m, vs FY10 Rev at US$469.7m, under pinning earnings visibility too 2012….
CIMB maintains Outperform Call on stock with a $1.01 TP, with an order win assumption of US$200m (79.5% achieved) for 2011. Given size of latest contract, we could potentially see further rerating of share price from other houses. At current price, grp trades at 11.4x FY11E P/E vs Peers Simple Average of 12.6x. Meanwhile DMG maintains Neutral call with $0.85 TP.
No comments:
Post a Comment