KUALA LUMPUR: Kenanga Research expects Malaysia Marine and Heavy Engineering Bhd to experience a recovery in FY21 on the back of the steep losses recorded over the previous financial year."Barring any unforeseen changes (e.g. sudden suspension of yard works), we believe steep losses as in FY20 is unlikely to be repeated," it said.The research house said the FY20 core loss of RM96.8mil was within its expectation at 104% of full-year loss forecasts although it exceeded consensus' estimate by 31%.It said the group is expected to benefit from a recovery in LNG dry-docking activities in FY21 in tandem with an increase in global demand despite challenges posed by border restrictions and stiff competition.FY22 earnings are expected to be lifted by earnings recognitions form its Kasawai EPCIC project as the project moves towards completion.Kenanga raised its FY21 assumption to a net profit of RM3.9mil from a loss of RM42mil previously after factoring in stronger marine activities and lower heavy engineering losses.Its target price was raised in tandem to 44 sen from 38 sen previously as it raised the ascribed price-book value to 035x from 0.2x previously.The research house lowered its recommendation on the stock to "market perform" following the rebound in share price over recent months to 43 sen as at Feb 9.
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