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=MARKET BUZZ: Malaysia’s Dayang +3.7%; Hong Leong Positive On 2018 Outlook

KUALA LUMPUR (Jan 12) -- Dayang Enterprise rebounds, now up 3.7% at MYR0.850 after Hong Leong Investment Bank highlights positive outlook for 2018. Reiterates Buy call, raises target price to MYR1.01 from MYR0.93. Tips stock to benefit from stable mid-term outlook for Petronas’ maintenance, construction and modification(MCM) jobs. MCM campaigns typically executed every 5-8 years to ensure production sustainability. House notes Petronas’ latest activity outlook report indicated MCM work will remain steady over next 3 years, similar to peak activity levels in 2013-2014. Dayang to also benefit from ramp-up in hook-up and commissioning jobs, house says, while higher activity levels to result in improved vessel utilization rates for unit Perdana Petroleum.

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