KGI Securities has initiated coverage on Civmec with an “outperform” rating and target price of 86 cents.

This comes after the engineering service provider, which operates in the oil and gas, metals and minerals, and defence and infrastructure sectors, posted a stellar set of 9MFY2021 results ended May 31.

Notably, Civmec’s top and bottom lines during the period had exceeded its FY2020 results, KGI highlights.

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