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NewsOSK Research upgrades Petronas Gas to Buy
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OSK Research upgrades Petronas Gas to Buy
by hlk Fri 12 Aug 2011, 12:23
KUALA LUMPUR: OSK Research said since its downgrade on PETRONAS GAS BHD [] on July 25, the share price has largely languished.
It said on Friday, Aug 12 that with the recent market volatility and increasing uncertainty on the global economic outlook, it feels that its time to relook at this very defensive investment idea with a potential for growth past 2012.
“With some 67% of revenues fixed under agreement with parent Petronas and an estimated 80% of EBIT fixed, companies don’t come any more defensive than PetGas,” it said.
OSK Research said it was keeping its conservative estimates unchanged but tweaking up its discounted cashflow based FV to RM14.62, the stock provides 11% upside coupled with 3.8% dividend yield.
It said on Friday, Aug 12 that with the recent market volatility and increasing uncertainty on the global economic outlook, it feels that its time to relook at this very defensive investment idea with a potential for growth past 2012.
“With some 67% of revenues fixed under agreement with parent Petronas and an estimated 80% of EBIT fixed, companies don’t come any more defensive than PetGas,” it said.
OSK Research said it was keeping its conservative estimates unchanged but tweaking up its discounted cashflow based FV to RM14.62, the stock provides 11% upside coupled with 3.8% dividend yield.
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