Wednesday, August 1, 2012

SKPETRO ... Aug12

TA securities Research ...

New Contract within Expectations
SapuraKencana Petroleum Bhd (SAKP) announced a new Engineering, Procurement, Construction and Commissioning (EPCC) contract award from Murphy Sarawak Oil for a satellite and accommodation topside for an oil and gas field offshore Bintulu, Sarawak. The contract, valued between RM250mn-
350mn is targeted for completion by 1H 2013.

This project will increase SAKP’s current outstanding orderbook by 1.9% to RM14.63bn, which gives SAKP revenue visibility of more than 3 years. Year-todate, SAKP has announced seven local and overseas contract wins worth RM1.36bn comprising RM310mn and RM893mn of Installation of Pipelines &
Facilities (IPF) and EPCC contracts respectively.

Impact
No change to our earnings forecasts as this new contract win falls within our orderbook replenishment target for SAKP of RM3bn in FY13.

Outlook
We remain optimistic on the orderbook and earnings prospects of the company based on the following drivers: 1) SAKP will have increased capacity to undertake larger international and domestic contracts upon delivery of 5 newbuild vessels by 2014 that will effectively double the size of SAKP’s IPF fleet, 2) SAKP will benefit from increased capex spending by Petronas which has committed to invest US$100bn over 2011-15 in ETP projects related to the oil & gas (O&G) industry in Malaysia, and 3) SAKP is also a major beneficiary of Petrobras’ 2012-16 Business Plan which targets to invest USD237bn for the development of pre-salt O&G basins in Brazil.

Valuation
We reiterate our Buy call on SAKP based on 20x blended CY13 EPS, which is a slight premium above the average multiple of its local peers that are currently trading at 18x CY13 P/E.


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