Stock Name: FalconEne
Company Name: FALCON ENERGY GROUP LIMITED
Research House: Kim Eng
Kim Eng Research in a May 24 research report says: "Even though FEG successfully turned a profit on a sequential basis, net earnings were still sharply lower at US$3.3 million, or a drop of 59.7% y-o-y.
"In particular, its marine division continues to be a bugbear as near-term industry outlook remains muted. The saving grace came from its oilfield services and projects divisions. Together, they chalked up revenue of US$13.5 million, representing a 171% y-o-y increase.
"While 2Q11 is expected to be equally lacklustre, management maintains that the worst is likely to be over for the company. Key re-rating catalysts include faster-than-expected recovery in its marine division and successful execution of coal mining activities. Target price of 35 cents. MAINTAIN HOLD."
Company Name: FALCON ENERGY GROUP LIMITED
Research House: Kim Eng
Kim Eng Research in a May 24 research report says: "Even though FEG successfully turned a profit on a sequential basis, net earnings were still sharply lower at US$3.3 million, or a drop of 59.7% y-o-y.
"In particular, its marine division continues to be a bugbear as near-term industry outlook remains muted. The saving grace came from its oilfield services and projects divisions. Together, they chalked up revenue of US$13.5 million, representing a 171% y-o-y increase.
"While 2Q11 is expected to be equally lacklustre, management maintains that the worst is likely to be over for the company. Key re-rating catalysts include faster-than-expected recovery in its marine division and successful execution of coal mining activities. Target price of 35 cents. MAINTAIN HOLD."
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