KUALA LUMPUR, Jan 13 (Bernama) -- Wah Seong Corporation Bhd is expected to make a stronger earnings recovery, driven by the Gorgon liquefied natural gas (LNG) coating project as well as a pick up in orders in the engineering segment.
In a research note Thursday, ECMLibra Investment Research said the international oil and gas service group would likely be able to replenish its order book before the completion of the Gorgon project, expected to be in the first quarter of 2012.
The engineering segment, in particular, had seen its order book growing from RM220 million in the second quarter of 2010 to RM390 million as at end of 2010, it said.
New pipe coating jobs awarded over the first half of this year that may commence towards the later part of the second half, were expected to add to earnings of the pipe coating segment.
"Our order book assumption for Financial Year 2011 is RM1.5 billion while we expect an average of RM1.7 billion for Financial Year 2012.
"We are upping our earnings estimates for Financial Year 2011 and upgrading Wah Seong to a 'buy' from a 'hold'," ECMLibra said.
Wah Seong is currently pre-qualified for coating work in Australia, namely for the Australian Pacific LNG and Gladstone LNG development.
ECMLibra believes the group is likely to snag at least one of the two jobs as it is neck to neck with Bredero Shaw, the world leader in pipe coating solutions, in the bidding process. -- BERNAMA
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