The Singapore investment house now has a ‘hold’ recommendation on the Malaysian-listed oilfield services company.
Earlier this week the company reported a 60% year-on-year drop in fourth quarter net profit to MYR 129.1m ($35m).
Revenue for the three months, in contrast, jumped 27% year-on-year to MYR 2.4bn from MYR 1.9bn a year ago.
“While the results are encouraging, we expect FY16 to be challenging amid lower oil prices,” UOB Kay Hian said in a note to investors.
“We
