PETALING JAYA: Sapura Energy Bhd’s earnings turnaround for the full year of financial year 2017 (FY17) has caught several research houses by surprise. Maybank Investment Bank Research (Maybank IB) raised Sapura Energy’s FY18 earnings by 2.1 times, to account for lower drilling operating expenditure and higher profits from associates. “The overall sentiment has improved and we see Sapura Energy as a direct proxy in the recovering oil and gas industry,” Maybank IB said in its report, rating Sapura Energy a “buy”, with a 12-month target price of RM2.30. Sapura Energy shares rose 6 sen to close at RM1.88 yesterday, with about 9.3 million shares traded. Stripping off the impairment, Sapura Energy’s core Patami would have recorded RM110.4mil,” PublicInvest said.

Source: The Star April 04, 2017 01:41 UTC