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Broker tips: Aveva, Connaught, Dragon Oil
Mon, 01 Dec, 2008
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Broker tips: Aveva, Connaught, Dragon Oil
Fri, 22 Aug 2008, 09:58:00
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Related Market Prices
Name
Value
Percent
Change
Aveva Group
486.00p
-7.43%
Connaught
367.00p
-0.94%
Dragon Oil
137.00p
-7.59%
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<b>Aveva</b> is well placed to grow in the oil sector as long as oil stays above $70 a barrel, JP Morgan said as it started coverage on the engineering design software provider with an 'overweight' rating and 1,345p target price.<br /><br />The high oil price is leading to more investment in exploration, the broker noted, with further shifting of oil production offshore creating more demand for complex design software.<br /><br />Power demand is also growing rapidly in emerging countries such as Brazil, Russia, China and India, JPM noted.<br /><br />Aveva provides software to the oil, gas, power and marine industries.<br /><br />Apart from a fall in the price of oil, the prospect of a collapse in shipbuilding demand is a risk for Aveva, JPM said.<br /><br />KBC Peel Hunt has reiterated its 'buy' rating and 475p target price on the social housing maintenance specialist <b>Connaught</b>.<br /><br />"Connaught's target social housing market (£10bn) remains robust as clients seek well qualified service providers capable of delivering long term maintenance and enhancement services," the broker said.<br /><br />The company enjoys strong visibility for future revenues, it said, with close to 100% of 2009 activity levels already secured.<br /><br />KPC Peel Hunt has kept its 'buy' rating on <b>Dragon Oil</b>, despite lowering its estimates on the company after its financial performance failed to meet expectations.<br /><br />While production from offshore fields in Turkmenistan was good, the Central Asian country's government took in a greater share of profits as full cost recovery occurred, the broker noted.<br /><br />"We will clearly have to have a careful review of the fiscal model but the likelihood is that other than an adjustment for 2008, the numbers will not change materially for 2009 and beyond or for the net asset value," it said.<br />
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