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发表于 18-9-2007 09:38 PM
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回复 #1061 8years 的帖子
＜基本因素＞
2008年PE＝10，我一向看好石油股，尤其是在高油价的时代，更棒的是，他们随时能获得新合约，这能激励股价的表现；
＜投机＞
首相孩子的公司，可能会因大选而受益，也可能会因此而获得新合约；
＜THE STAR＞
Wednesday September 5, 2007
Scomi set for re-rating
With RM1.6bil order book, its earnings are seen robust
PETALING JAYA: Shares in Scomi Group Bhd are likely to see a strong re-rating going forward, on the back of robust earnings growth, burgeoning order book of RM1.6bil and the management's efforts to address the high gearing.
For the second quarter ended June 30, net profit surged 755% to RM171mil compared with RM20mil in the previous corresponding period.
Oilfield services, as well as energy logistics and engineering divisions, contributed significantly to the growth.
SJ Securities said in a report: “We believe the group provides good exposure to the higher exploration and production activities in the oil and gas industry and indirect play on the increased public expenditure to improve public transport under the Ninth Malaysia Plan.”
It noted that Scomi was one of only two integrated drilling fluid and drilling waste management solutions providers in the world.
“According to the US Energy Information Administration, total demand for oil and gas is expected to increase to 53 billion barrels of oil equivalent by 2010. Scomi is well positioned to capitalise on the higher exploration and production spending by oil giants,” SJ Securities said.
Moreover, the group's production-enhancement business is likely to experience strong growth.
The joint venture with US-based National Tank Co last year was anticipated to boost its gas separation business, especially in enhanced oil recovery activities.
TA Securities shared similar views. It noted that besides the buoyant Russian oilfield market, Scomi also had tendered for projects worth RM1.1bil in the Middle East and RM180mil in Nigeria.
Subsidiary Scomi Engineering Sdn Bhd held growth potential stemming from its machine shop expansion and monorail business, TA said, adding that the company was bidding for the Penang monorail project.
Its potential success locally would be a catalyst for winning more projects overseas in countries like Vietnam, Pakistan, India and South Africa, where it had submitted multi-billion ringgit tenders, the brokerage said.
There was also market talk that associate Scomi Marine Bhd might sell its 29% stake in CH Offshore Ltd if the price was right, it said, adding that the proceeds could be used to focus on speciality vessels, like accommodation barges, due to their growing demand and higher margin.
Based on its estimated earnings per share of 14 sen for the year ending Dec 31, 2008 and yesterday's closing price of RM1.46, Scomi was trading at a price/earnings of 10.4 times. |
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