BFM 89.9
The Business Station
BFM 89.9
The Business Station
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Hwang DBS Vickers analyst Quah He Wei talks about Sapurakencana Petroleum:
- earnings forecasts, incorporating Trans-Thai contract
- 48% of Sapura Kencana's order book is from Brazil. Making it beyond Asia?
- protecting against inflation in Brazil.
- gearing is high with net debt to equity of about 70% for 2013, forecasted to rise to 90% for 2014 til 2016. As at 30 April, had borrowings in USD equivalent to RM7.1bn and AUD equivalent to RM7.3m. - forex risk- rising borrowing costs threaten substantial capex plans?
- One issue raised at SapKen’s recent AGM was Kencana Capital buying an 18.4% stake in Yinson. Given Kencana Capital’s 13% stake in SapKen and some overlap in the business of the two companies, potential conflict of interest?
- when SapKen would start paying dividends
- Buy call at RM4.85 target price, previously RM5.05.
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