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MISC’s FY14 earnings growth maybe be capped by drop in LNG tanker profits, says RHB Research

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MISC’s FY14 earnings growth maybe be capped by drop in LNG tanker profits, says RHB Research Empty MISC’s FY14 earnings growth maybe be capped by drop in LNG tanker profits, says RHB Research

Post by Cals Fri 14 Feb 2014, 08:27

MISC’s FY14 earnings growth maybe be capped by drop in LNG tanker profits, says RHB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 14 February 2014 08:21

KUALA LUMPUR (Feb 14): RHB Research has maintained its Neutral rating on MISC Bhd with a higher fair value of RM6.49 (from RM6.09) and said MISC’sFY13 earnings exceeded 10% of its forecast.
However, in a note Friday, the research house said that for FY14, it foresees earnings growth across MISC’s other divisions that would be capped by a drop in LNG tanker profits, as one of its vessels (out of five upcoming) will see its 20-year charter expiring.
“This tanker will likely secure a renewal, but at a substantially lower rate.
“We maintain our Neutral call but at a higher fair value of RM6.49 (from RM6.09),” it said.
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