Prospects Underpinned By Healthy Volumes
Results Review
Globetronics’ MYR49m 9M14 core earnings were within our/street estimates at 77%/76% of FY14 forecasts respectively. With the results largely in line, we maintain our FY14-15 forecasts, NEUTRAL call and MYR4.75 TP (a 12% upside), pegged to an unchanged 17x FY15 target P/E. Going forward, its prospect are underpinned by healthy volume loadings for most of its products.
Carimin Petroleum (CARIP MK, NR)
New Kid On The Block
IPO Note
Carimin Petroleum is predominantly involved in the provision of support services for the offshore oil and gas industry in Malaysia. The company is one of the HuC umbrella contract holders, given out by Petronas with a current orderbook of MYR900.8m. We value Carimin at MYR1.07, by ascribing a 10% discount to the industry average of 12.1x P/E, pegging Carimin to a 10.9x P/E.
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