Kenanga maintains buy on Alam Maritim (Edge)

KENANGA Research has reaffirmed a buy on Alam Maritim Resources Bhd (AMRB) at 66.5 sen with a target price of RM1.11 following the company’s proposed partnership with OCI Energy Sdn Bhd and Ombak Marine Sdn Bhd.
The research house said the partnership would help Alam diversify its service range in the oil and gas sector.
“The move serves to reduce its reliance on the offshore marine vessel market, where fears of softening charter rates remain. It will also enable it to tap into the offshore construction and installation market. This is in line with its aim to enhance its underwater services segment,” it added