Tg offshore - Kanasai loh
We expect Tanjung Offshore to announce its 3QFY09 results on 24 Nov 2009, which we gather would be in the red. This may be mainly attributed to its UK subsidiary, Citech, experiencing some cost overruns and late delivery issues. Hence, we are lowering our FY09-10 earnings, as well as downgrading our call to Sell, with a target price of RM0.88 (previously Buy, TP: RM1.94).
