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RHB: Petra Energy's prospects remain slow
by hlk Fri 03 May 2013, 16:42
Petra Energy's prospects are expected to remain slow this year and
investors can look forward to a better financial year 2014, says RHB
Research.
It said the financial year 2013 will likely be muted for Petra Energy due to the lack of major jobs secured recently.
"We met with Petra Energy's management recently and understand that
it is set to recover from patchy earnings over the last two years," it
said in its research note today.
The research house also downgraded the stock to a "neutral" in view of the weaker near-term outlook.
"Our fair value of RM1.60 is pegged to 15 times
financial year 2014 earnings per share and includes our discounted cash
flow valuation for its marginal oilfield worth RM0.23," it said.
However, RHB research said it believes that Petra Energy could
potentially secure at least RM1.2 billion worth of jobs in the
Pan-Malaysia HUC tender, which may translate into an annual orderbook
replenishment of RM240 million moving forward.-- Bernama
investors can look forward to a better financial year 2014, says RHB
Research.
It said the financial year 2013 will likely be muted for Petra Energy due to the lack of major jobs secured recently.
"We met with Petra Energy's management recently and understand that
it is set to recover from patchy earnings over the last two years," it
said in its research note today.
The research house also downgraded the stock to a "neutral" in view of the weaker near-term outlook.
financial year 2014 earnings per share and includes our discounted cash
flow valuation for its marginal oilfield worth RM0.23," it said.
However, RHB research said it believes that Petra Energy could
potentially secure at least RM1.2 billion worth of jobs in the
Pan-Malaysia HUC tender, which may translate into an annual orderbook
replenishment of RM240 million moving forward.-- Bernama
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