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Friday, March 1, 2013

CIMB Research lowers Muhibbah target price to 87 sen (STAR)

CIMB Equities Research lowered its target price for Muhibbah Engineering from 94 sen to 87 sen following the weaker financial performance.

It said on Friday Muhibbah made a large RM245mil provision relating to the Asian Petroleum Hub (APH) project, resulting in a RM98mil net loss for FY12.

“This is below our and consensus net profit forecasts of RM65mil-RM70mil. Losses were partially offset by cranes and concession earnings in 4Q12,” it said.

CIMB Research maintained its earnings per share (EPS) forecasts as it maintained its assumption of RM1bil worth of new contracts in FY13.

“We introduce FY15 numbers. Although we continue to apply a 50% discount to RNAV, our target price declines as we update for balance sheet items and the actual provisions. This does suggest that the worst is over but we maintain Neutral as the lack of visibility in job flows in 1H13 could cap a rerating of the stock,” it said.

CIMB Research said the FY12 results were shattered by a significant RM245mil provision for bad debts relating to the APH project.

“This led to RM98mil losses for the year, compared to our and consensus net profit forecasts of RM65mil to RM70mil. The timing of the provision is a slight negative surprise as we expected it to impact FY13 considering that the legal proceedings to claim the unpaid amount is still ongoing,” it said.

Muhibbah's outstanding order book was RM2.2bil, comprising of RM1.3bil for infrastructure (construction and oil & gas), RM634mil for cranes and RM244mil for the shipyard division.
“For infrastructure, we continue to assume RM1bil worth of new orders for 2013 but we expect more clarity about tender prospects in 2H13,” it said.

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