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AMRESEARCH has raised its target price on Kencana Petroleum Bhd by 25 per cent to RM2.50 each, as it is expected to clinch more jobs in the near term.
"We retain our earnings estimate of RM189 million for FY11F but raised our earnings estimates for FY12F and FY13F by 9 per cent to RM232 million and RM258 million, respectively. This is to account for more bullish order book assumption," said AmResearch in a report this week.
It expects the listing of Malaysia Marine & Heavy Engineering Bhd (MMHE) to kick start the award of large deepwater contracts by Petronas, given the need to fast track the development phase of proven fields - Gemusut Kakap, Malikai and …