News Bits | 02 Nov 2012

Highlights of the day

§  SapuraKencana Petroleum (Quick Bits): Won two contracts worth RM835m (Maintain HOLD, TP: RM2.46) [download report]

In an announcement to Bursa Malaysia, SapuraKencana Petroleum Berhad has won two contracts worth RM835m. This brings YTD contract wins to an estimated RM3.8-4.0bn. We have factored these contract wins into our orderbook assumption. Based on an average pretax profit margin of 12%, the total pretax profit from the contracts is RM100m over the contract period of three years or averaging RM33m pa which is 4% of our FY13 pretax profit. Maintain Hold with a target price of RM2.46 based on 20x CY13 EPS of 12.3 sen.

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  DRB-Hicom: Streamlining of businesses in EON and Proton Edar

§  Gamuda:  Chief ups stake, stock at 7-month high

§  Berjaya Land: Plans RM9.92bn casino and mall on Jeju Island

§  Brahim’s Holdings: Targets the Middle East

§  Premier Naflin: Target for reverse takeover

§  Aviation:  Malindo Air brings forward operations date to mid-March

§  O&G: Petronas hires lobbyists

§  Telco: U-Mobile not interested in P1

 

Global news

§  US: Initial jobless claims fall by 9,000 to 363,000

§  US: Companies in sustain productivity to cut labor costs

§  US: ADP says companies add most workers in eight months

§  US: Factories to shoppers weathers world slowdown

§  US: Fed’s Rosengren backs QE3 until unemployment falls to 7.25%

§  Europe: IMF says measures to cut Greek debt must be meaningful

§  China: Manufacturing gains signal 4Q rebound

 

 

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