0151 GMT [Dow Jones] STOCK CALL: Credit Suisse keeps Scomi Group (7158.KU) at Underperform with 65 sen target; says 3Q09 net profit of MYR53 million was largely in line with both broker's own and street expectations, coming in at 77% and 72% of full-year forecast, respectively. Notes net profit fell by 29% year to date due to higher taxes, weaker contributions from the core oilfield services (OFS) division, despite stronger engineering and marine contributions. Still, says key growth area is monorail systems; "Scomi is already working on the Mumbai monorail project in India, and is bidding for jobs in countries such as Brazil, Vietnam, and Saudi Arabia." Says valuations remain unattractive; shares last +0.8% at 61 sen. (PVA)
Contact us in Kuala Lumpur. 603 2026 1233;
MarketTalk@dowjones.com
