KUALA LUMPUR : SapuraKencana Petroleum is probably not going to convey significant negative astounds in its 3QFY17 outcomes on Thursday despite the fact that benefits could be consecutively weaker without Berantai RSC and one extra sit fix, says UOB Kay Hian Malaysia Research.
The exploration house said on Thursday the key concern is renewing the orderbook hole of RM3bil to RM4bil from FY18.
"With no significant disintegration in its operations on-quarter, we anticipate that share cost will be flexible because of its high connection with current oil value levels. Keep up Hold and RM1.40 target cost. Section value: RM1.25," it said.
UOB Kay Hian Research anticipates that SapuraKencana will convey a somewhat weaker execution from 2QFY17's center benefit of RM73mil (1HFY17: RM220mil) for the most part from the apparatuses and the loss of Berantai RSC.
This depends on: a) vitality/oil generation: Brent found the middle value of US$49/bbl in 3QFY17, higher than the acknowledged cost of US$48/bbl in 2QFY17, b) relate/JV: Absence of Berantai FPSO to be balanced by the start-up of the 6th and last Petrobras pipelay bolster vessel (PLSV), alongside pinnacle exercises from Sapura 3000, c) weaker apparatus benefits anticipated that due would an extra sit still apparatus (up to 8 rigs sit out of gear), and d) RM4.4b assemble orderbook acknowledgment guided for 2HFY17 versus 1HFY17's gathering income of RM3.6b.
"Generally speaking, we see no real negative astounds in its operations at the top-line athough we can't preclude danger of edge pressure," it said.
The examination house said that from 1HFY17's partner salary of RM218mil, the market as of now expects the nonattendance of RM40mil commitment from the Berantai FPSO towards 2HFY17 because of the agreement end.
"In any case, this ought to be counterbalanced by the Sapura Rubi PLSV that was conveyed to Petrobras on Aug 14, 2016," it said.
Each of the six Petrobras' JV PLSV contracts ought to be used by 2HFY17. Our present estimates accept RM180mil entire year JV commitment from every one of the six PLSVs (versus more than RM100mil in FY15 when three PLSVs were operational).
UOB Kay Hian Research said the pipelay crane vessel Sapura 3000, the key resource of SapuraAcergy (another key JV resource), was initially sanctioned in Myanmar for the US$120mil-US$130mil Badamyar extend in 1Q16.
In 2Q-3QFY17, the vessel was working for the Malikai TLP establishment in Malaysia. As per IEV Holdings, the Malikai establishment was finished by Oct 16. Subsequently, regardless we expect top action perceived for Sapura 3000 in 3QFY17.
It likewise called attention to that Subsea7 (the JV accomplice) as of late remarked that Sapura 3000 is as yet working, recommending the vessel is presently back in Myanmar to continue the first contract.
This ought to add to JV income for 4QFY17 to 1QFY18 (the principal gas focus of Badamyar is April 2017).
Current Updates:
Malaysia Stock Picks , Malaysian Stock Picks , stock picks malaysia , share investment malaysia , malaysia financial advisory , investment advisor malaysia
No comments:
Post a Comment