KUALA LUMPUR (May 10): Maybank IB Research has upgraded Malaysia Marine and Heavy Engineering Holdings Bhd to a Buy with a target price of RM5.70 and said the company's 1Q12 results 2 were on track (25% of Maybank IB's full-year forecast).
In a note Thursday, the research house said MMHE's yard space had expanded and order book momentum is set to soar in 2H12.
"The improving outlook, coupled with a 44% fall in share price from its peak in 2011, makes MMHE's valuations much more attractive now, in our view.
"MMHE is a direct proxy to PETRONAS' domestic E&P programs," it said.
In a note Thursday, the research house said MMHE's yard space had expanded and order book momentum is set to soar in 2H12.
"The improving outlook, coupled with a 44% fall in share price from its peak in 2011, makes MMHE's valuations much more attractive now, in our view.
"MMHE is a direct proxy to PETRONAS' domestic E&P programs," it said.
