From left: SapuraKencana Petroleum executive vice- chairman Datuk Mokhzani Mahathir, Tan Sri Nor Mohamed Yakcop, SapuraKencana chairman Datuk Hamzah Bakar and SapuraKencana president and group CEO Datuk Seri Shahril Shamsuddin
KUALA LUMPUR: CIMB Equities Research is maintaining a target price of RM4.80 for SapuraKencana Petroleum after it secured a US$2.7bil Brazil contract and posted strong Q1, 2014 results.
“Although Q1, 2014 net profit makes up 10% of our full-year forecast and consensus, we deem it in line as Seadrill's rigs will only start to contribute in Q2, 2014,” it said on Monday.
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