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Drop in WorleyParsons and Mesoblast

Jun 16, 2016 | Team Kalkine
Drop in WorleyParsons and Mesoblast

 
WorleyParsons Limited


WOR Details
  • Strong contract wins: WorleyParsons Limited (ASX: WOR) stock plunged over 5.5% on June 16, 2016 impacted by the ongoing fall in the crude oil prices. On the other hand, the group is continuing to win contracts and on June 16, 2016, WOR reported that they got a contract to offer module assembly and field construction services for the Cutbank Ridge Partnership Program’s 15-27 Saturn Phase 2 Sweet Gas Plant Project worth over a value of CAD130 million. This contract would be implemented by the WorleyParsonsCord Edmonton, Alberta operations, which has been delivering modularization and construction services to western Canadian hydrocarbons, power and chemical sectors. The group would be working with communities and local businesses placed in northeastern British Columbia during the field construction phase of the project. WOR stock generated over 82.5% (as of June 15, 2016) in the last six months and still trading at an outstanding dividend yield.
  • Recommendation: We maintain our “Buy” recommendation on the stock at the current price of $7.09
 
Mesoblast Limited


MSB Details
  • Another price fall: Mesoblast limited (ASX: MSB) continued to fall over 8.8% on June 16, 2016. Lately, Credit Suisse downgraded the stock to “Neutral”. MSB stock has been under pressure in the last few days as Teva withdrew their financial contribution for their MPC-150-IM product candidate for heart failure. As a result, the stock corrected over 42.8% in the last five days alone (as of June 16, 2016). On the other hand, the company still has global rights for its cell therapy platform in Cardiovascular field. FDA also gave an approval for its heart failure program.
  • Recommendation: We maintain our “Hold” recommendation on the stock at the current price of $1.135
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