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Keyfield International Bhd (KL:KEYFIELD) slid to a one-year low amid softer accommodation workboat demand and charter rates.
However, Kenanga Research in a note on Friday said the selldown was unjustified, given Keyfield's strong cash flow and potential realisable value of its assets.
The research house also pointed out that if all the vessels are valued based on their realizable value, the total comes up to around RM1.4 billion, which is much higher than the PPE value of RM962 million
