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9M21 core earnings made up 75%/ 87% of ours/ consensus FY estimates respectively, on the back of a sequentially softer 3Q21, mainly due to lower FPSO profits. Overall, its turnaround story is beginning to gain traction. Improving cashflows and monetizing non-core assets are its key KPIs. It will continue to de-gear, seek redeployment opportunities (FPSO Claire) and deliver FPSO Kakinada by 1H22. Our TP is SOP-based. 

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