Written by Joseph Chin
Friday, 15 January 2010 08:37
KUALA LUMPUR: Maybank Investment Research raised 2010-11 earnings forecasts for Tanjung Offshore by 20%-33% and target price to RM1.45 on improving operating outlook.
It said on Friday, Jan 15 that consensus forecast is low as new orders are rising. New vessels are successfully chartered out at better rates and hiccups at its UK operations will soon pass.
The ability to refinance loans is a strong signal to its expansion plans.
"We have turned positive on TOFF. Recent job wins for 2010 suggest that order book replenishment has returned. The recent glycol dehydration job worth RM25 million is its fourth contract win for 2010," it said.