Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 18):BIMB Securities Research has downgraded Uzma Bbd to Hold at RM2.26 with a revised target price of RM2.40 after Uzma announced that it had secured a contract from Petronas Carigali for the provision of well services.

In a note Wednesday, the research house said it was delighted with this contract win as Uzma continued to deliver despite the recent weakness in crude price as it had managed to prove its capability to secure contracts.

“We have raised our FY15/16 forecast both by 9% respectively.

As such, we have a newly derived target price of RM2.40 based on higher FY15 EPS of 21.8sen at PER 11x.

“Given the limited upside at this juncture, we downgrade Uzma to Hold,” it said.

 

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