4-10-2010 Hwangdbs KNM Group (RM0.46; Buy; Price Target: RM0.55; KNMG MK) Second lease

Second lease of life
• Better times ahead, with money ploughing back into
E&P and O&G development
• Growth opportunities reflected in rising tender book
with c. RM3.0b worth of jobs at 20% hit rate
• Upgrade to Buy; valuation is attractive given strong
earnings growth ahead
British American Tobacco (RM48.40;