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CIMB Research maintains Outperform on Dialog (7277)
by hlk Thu 13 Sep 2012, 09:17
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform call on Dialog Group with a target price of RM2.91.
It
said on Thursday Dialog and its partners have started drilling and
testing the first appraisal well at the Balai marginal field cluster,
as part of the pre-development phase.
CIMB Research said Balai is just the start as the consortium is pursuing more marginal field contracts in Malaysia.
“In
our SOP-based target price calculation, we continue to value Dialog's
businesses at 18.6 times CY13 P/E, a 40% premium over our 13.3 times
target market P/E. Potential contracts, which include marginal and
mature fields, underpin our Outperform call,” it said.
It
said on Thursday Dialog and its partners have started drilling and
testing the first appraisal well at the Balai marginal field cluster,
as part of the pre-development phase.
CIMB Research said Balai is just the start as the consortium is pursuing more marginal field contracts in Malaysia.
“In
our SOP-based target price calculation, we continue to value Dialog's
businesses at 18.6 times CY13 P/E, a 40% premium over our 13.3 times
target market P/E. Potential contracts, which include marginal and
mature fields, underpin our Outperform call,” it said.
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