KUALA LUMPUR, June 22 — Sapura Energy Bhd (SAPNRG) was the most actively traded stock on Bursa Malaysia this morning on news that the company had bagged nine new contracts worth RM1.8 billion.

At 10.00am, SAPNRG rose 2.5 per cent to 61.5 sen from yesterday’s close of 60 sen, with 53.87 million shares changing hands.

In a statement yesterday, Sapura Energy said the new contracts brought the oil and gas services and solutions provider’s order book to RM4.5 billion.

It said the combined value represented a jump of nearly 250 per cent compared with that achieved in the corresponding February-June period of last year.

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Meanwhile, RHB Research Institute Sdn Bhd has upgraded Sapura Energy to a “buy” call from “neutral”, with an unchanged target price (TP) of 82 sen, reflecting a 37 per cent upside after the company bagged the new contracts.

In a note today, the research house said while the job win was neutral for its forecasted numbers—being within its order book replenishment assumption—it is a positive for the company, as it pointed to the recovery of the global offshore market.

“This takes the company’s year-to-date contracts won to RM4.2 billion at 52.5 per cent of our full-year assumption and we maintain our earnings estimates.

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“The recent sell-down is unjustified, given the company’s significant exposure to overseas markets, and its huge upstream oil-producing asset potential in the long term,” it added.

Meanwhile, Public Investment Bank Bhd retained its “trading buy” call on Sapura Enegrgy, with an unchanged sum-of-parts TP of RM1.11. — Bernama