Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
CSF building ahead
Malaysian data centre play CSF Group (CSFG) has unveild a solid set of full year results as it continues to grow the number of centres in the country.
The AIM-quoted outfit reported a 12 per cent increase in pre-tax profits to RM (Malaysian Ringgits) 49.8 million (£10.3 million) on turnover of RM 11.3 million (2010: RM 70.9 million.) The development of its CX5 data centre, planned for completion in 2013, was described as being 'on schedule', with the company adding that it has obtained full occupancy for its CX2 data centre.
CSF also noted that it had 'developed' its presence in Singapore due to the 'anticipation of future demand in the region' and had entered into an agreement with an Indonesian company for the development of a 120,000 sq ft centre in the capital of Jakarta. Revenue from its data centre rental and maintenace division grew by 42.4 per cent to RM 47.3 million. CSF joined AIM in March last year in an IPO that raised £28 million at 55p a share.
Looking forward, the group declared that it wanted to grow further in Indonesia, which it insisted is a country with a 'huge domestic market', 'lower real estate and labour costs' and 'relatively fewer high-quality data centres' compared with Malaysia. Thailand was also described as a 'good opportunity for business expansion', although it acknowledged that 'challenges' include 'political uncertainty' and 'less developed infrastructure outside of Bangkok'.
Analysts at Altium Securities are forecasting adjusted pre-tax profits of £12.9 million (EPS: 6.7p) on turnover of £37.7 million for the year to March 2012. In 2013 it is forecasting profits of £16 million (EPS: 8.3p) on sales of £42.1 million. A dividend of 2.2p and 2.7p a share is pencilled in for 2012 and 2013 respectively.
Recommended by Growth Company Investor this January at 77p the shares have since slumped to 70.5p. The latest results are in line with forecasts and the company remains an appropriate investment for those who see strong growth prospects in South-East Asia with CSF holding some ambitious plans for Indonesia and Thailand. We retain our buy rating.
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