DMG & Partners Research on 4 Dec 2012
A NEW substantial shareholder of Technics Oil & Gas has emerged in the form of Eversendai Corporation Bhd, a Malaysian-listed integrated structural steel turnkey and power plant contractor with a market cap of RM1.0 billion ($400 million). We believe that having secured a 13.6 per cent stake in Technics, Eversendai will continue to purchase more shares for a 20 per cent stake.
Maintain "buy" with target price of $1.20. Our valuation remains at 12 times FY2013 forecast EPS, a somewhat higher multiple than other companies in the sector due to the value-unlocking catalyst of the Norr Offshore Group listing.
BUY
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