Dateline 2013-12-10, The Star:
CIMB Equities Research has initiated coverage of UMW Oil & Gas (UMW-OG) with an Outperform call as it sets its target price of RM4.57, which is 33.6% above its last traded price of RM3.42.
It said on Tuesday UMW-OG is primarily a drilling company which is benefitting from Southeast Asia’s strong demand for jack-ups and Petronas’s import substitution model.
“Armed with an order book of RM1.4bil, the company is eyeing more jobs as it expands its fleet,” it said.
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Wata - Malaysian Oil and Gas Engineer 