Thursday, 10 May 2012

MMHE gains on Maybank IB Research upgrade

KUALA LUMPUR (May 10): Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) shares rose on Thursday after Maybank IB Research upgraded the stock 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).

MMHE added three sen to RM4.91 in the morning session on Thursday with 486,500 shares traded.

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.

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