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us apple developer accounts for sale:Quick take: Favelle Favco shares up on RM101.4mil contract win

admin2021-03-1040

KUALA LUMPUR: Shares in Favelle Favco Bhd rose over 4% in early trade Tuesday after securing orders worth RM101.4mil from six clients operating across the region. The crane maker added 4.59%, or 10 sen to RM2.28. It is trading at a P/E ratio of 5.87 times. Favelle Favco said its wholly-owned subsidiaries, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd, have secured the orders since Dec 1, 2020. It said the six clients are DESB Marine Services Sdn Bhd, Resolution Rigging Services Pty Ltd, PT Megatama Internal, Offshore Oil Engineering Co Ltd, Thai Nippon Steel Engineering & Construction Co Ltd, and Saipem SPA. The contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending Dec 31, 2021 and beyond, it said. MIDF Research estimated Favelle Favco’s latest orderbook to amount to about RM492.4mil including the latest purchase order. “This is after taking into account its last published outstanding orderbook of RM511mas at Nov 25, 2020 and a quarterly burn rate of about RM120mil. “To date, the majority of the orderbook still consists of oil and gas cranes for the offshore oil and gas exploration and production activities at about 60%. The remainder of 26% is from the shipyard, construction and wind turbine industry,” MIDF said. The research house is positive on the slew of purchase orders secured by Favcoas we opine that it signals the return in offshore oil and gas activities. It expects Favelle Favco to be occupied with orders again fairly soon as oil prices are now above US$65 per barrel level. “We are making no changes to our FY20-21F earnings estimates at this juncture as the purchase order falls within our orderbook replenishment assumption for FY21F of RM370mil,” it said, adding that it has maintained a buy call with a target price of RM3.
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