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CIMB Research maintains Outperform on Kencana
by hlk Mon 27 Jun 2011, 13:18
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform on Kencana Petroleum and a target price of RM3.55.
It said on Monday, June 27 Kencana posted a record net profit of RM56 million for 3QFY7/11, taking 9M bottomline to a record RM159 million.
“At 73% of our full-year forecast and 75% of consensus estimate, it was broadly in line. The absence of an interim dividend was not surprising. We maintain our forecasts and target price of RM3.55.
“We continue to value Kencana at a 40% premium over our 14.5x target market P/E given its marginal field venture and superior growth,” it said.
CIMB Research said other positives are strong newsflow and high liquidity. It added Kencana remains an OUTPERFORM, with the potential re-rating catalysts being 1) more marginal field work, and 2) strategic partnerships
It said on Monday, June 27 Kencana posted a record net profit of RM56 million for 3QFY7/11, taking 9M bottomline to a record RM159 million.
“At 73% of our full-year forecast and 75% of consensus estimate, it was broadly in line. The absence of an interim dividend was not surprising. We maintain our forecasts and target price of RM3.55.
“We continue to value Kencana at a 40% premium over our 14.5x target market P/E given its marginal field venture and superior growth,” it said.
CIMB Research said other positives are strong newsflow and high liquidity. It added Kencana remains an OUTPERFORM, with the potential re-rating catalysts being 1) more marginal field work, and 2) strategic partnerships
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