Kruez Holdings: RB Milestone initiates coverage with $0.458 TP.
Note that increased Offshore Capex and Focus on Emerging Asia will fuel growth. With global economic revival, demand for oil has increased. Frost & Sullivan estimates cumulative offshore drilling and completion capex in Apac for 2010-2012 to be around US$3.3b, of which around 70% would be contributed by countries like Malaysia, Philippines, India, China and Indo.
Close Association with Swiber Group also bodes well, allowing grp to gain greater and easy access to the offshore construction industry while opening potential opportunities to establish business relations with Swiber Group’s customers.
Since listing, Kreuz has increased the strength and size of its order book which stood at US$185m as on Nov11. Additionally, mgt is focused with constant lookout for any strategic acquisition opportunity in order to expand the subsea service portfolio. Such strong and focused management with diverse knowledge and experience works as a competitive advantage for Co.
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