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RHB lowers fair value of Petra Energy to RM2.45

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RHB lowers fair value of Petra Energy to RM2.45 Empty RHB lowers fair value of Petra Energy to RM2.45

Post by Cals Thu 21 Nov 2013, 18:03

RHB lowers fair value of Petra Energy to RM2.45
Business & Markets 2013
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Thursday, 21 November 2013 11:58
KUALA LUMPUR (Nov 21): RHB Research Institute Sdn Bhd today lowered Petra Energy Bhd’s (PENB) fair value (FV) to RM2.45 as its net profit for the nine month period to September 2013 was below estimate.

Revenue for 9MFY13 also fell 28% yoy, which was largely due to fewer top-side major maintenance/hook-up construction and commissioning (TMM/HuCC) works undertaken during the nine month period.

After the conclusion of the Kumang project, PENB’s onshore civil engineering services segment did not record any revenue in both 9MFY12 and 9MFY12.

Despite this, RHB Research is positive on PENB’s performance for the coming year.

“We believe that PENB will see better profits in FY14 stemming from the ramping up of the Pan-Malaysian TMM/HuCC contract. This will provide it with five years of earnings visibility,” said the research house.

RHB is maintaining its ‘neutral’ call on PENB, with a lower FV of RM2.45 from RM2.70.
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