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NewsHwangDBS Research maintains "Buy" on MISC
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HwangDBS Research maintains "Buy" on MISC
by Cals Mon 05 Aug 2013, 15:28
Published: Monday August 5, 2013 MYT 10:20:00 AM
Updated: Monday August 5, 2013 MYT 10:32:43 AM
HwangDBS Research maintains "Buy" on MISC
KUALA LUMPUR: HwangDBS Vickers Research is maintaining its “Buy” call on MISC Bhd with a target price of RM5.29.
“Petronas announced that it will directly procure and own its next phase of LNG vessels. The move is disappointing, removing a potential long-term growth avenue for MISC,” it said.
It added this year the group will benefit from contribution of floating storage units for the Malacca regas project, commissioning of
Gumusut-Kakap in second half of 2013 and two additional Very Large Crude Carriers (VLCCs) that will be delivered in the same period.
“Floating production, storage and offloading cendor will provide another boost to next year’s earnings.
“We understand the group is exploring possibilities for new offshore projects. In our view, there are opportunities to unlock value from its portfolio of world-class oil & gas assets,” it said.
HwangDBS said despite the disappointing news, the stock remains undervalued with its resilient LNG cashflows, solid oil and gas assets, and significantly stronger balance sheet following the sale of 50% stake in Gumusut-Kakap and the liner business last year.
Updated: Monday August 5, 2013 MYT 10:32:43 AM
HwangDBS Research maintains "Buy" on MISC
KUALA LUMPUR: HwangDBS Vickers Research is maintaining its “Buy” call on MISC Bhd with a target price of RM5.29.
“Petronas announced that it will directly procure and own its next phase of LNG vessels. The move is disappointing, removing a potential long-term growth avenue for MISC,” it said.
It added this year the group will benefit from contribution of floating storage units for the Malacca regas project, commissioning of
Gumusut-Kakap in second half of 2013 and two additional Very Large Crude Carriers (VLCCs) that will be delivered in the same period.
“Floating production, storage and offloading cendor will provide another boost to next year’s earnings.
“We understand the group is exploring possibilities for new offshore projects. In our view, there are opportunities to unlock value from its portfolio of world-class oil & gas assets,” it said.
HwangDBS said despite the disappointing news, the stock remains undervalued with its resilient LNG cashflows, solid oil and gas assets, and significantly stronger balance sheet following the sale of 50% stake in Gumusut-Kakap and the liner business last year.
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