Also, Sapura Energy realised more than 40% of its RM1.1bil cost optimisation programme group-wide, which the research house thinks this was mostly realised in the E&C business, and helped boost the division’s margins and cash flow substantially in the quarter.
KUALA LUMPUR: UOB Kay Hian Malaysia Research has upgraded Sapura Energy
to Hold and sum-of-parts target price to 13 sen from 10 sen after profit upgrades, and this assumes a refinancing scenario.
In its report issued on Monday, its diluted SOP target implies 0.3 times price-to-book (P/B) and 65 times FY22F PE.
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