KNM Group
KNMG MK, BUY, CP 0.82, TP 1.05, Mkt cap: 884m, ADV: 11.7m
* KNM's 1Q09 results will likely be weak due to seasonality and low-rate
of new contract wins in the past six months.
* Rate of new contract wins to pick-up pace in 2H09, following the
re-tender process in 1Q09 and better oil prices.
* Maintain BUY. TP raised to MYR1.05, based on 10x P/E. Global peers
valuation has nearly doubled in the last 3 months.
2009E: P/E 7.5, P/B 1.4, ROE 20.6, Yld 1.9
2010E: P/E 8.8, P/B 1.3, ROE 15.1, Yld 1.9
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