KUALA LUMPUR: UOB Kay Hian Malaysia Research is retaining its Hold call for Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) as it lowered the target price from 40 sen to 37 sen.
It said on Friday it had retained its 0.3 times price-to-book value (P/B) valuation, which is below its current three-year average and at a discount to peers like Samsung Heavy industries (0.7 times), Hyundai Engineering (0.6 times) and Sembcorp (1.1 times).
“We roll forward valuations to 2021 but target price is reduced in tandem with post-impairment equity, ” it said.
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