The number of active U.S. oil rigs fell to 332 last week, the least since November 2009, according to Baker Hughes Inc.
“Although UMW-OG is planning to buy ICON at 0.82 times P/BV, we are valuing the business at only 0.6 times as the sector is trading at an average P/BV of only 0.4 times. Our DCF analysis of Orkim yields a valuation of RM447mil, lower than the cash acquisition price of RM495mil.
"The net result is a lower cum-rights target price of 80 sen,” said CIMB Research.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
