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NewsCIMB Research maintains Hold on PetDag, slashes target price to RM22
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CIMB Research maintains Hold on PetDag, slashes target price to RM22
by Cals Fri 08 Aug 2014, 17:26
| CIMB Research maintains Hold on PetDag, slashes target price to RM22 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Friday, 08 August 2014 08:44 KUALA LUMPUR (Aug 8): CIMB Research has maintained its Hold rating on Petronas Dagangan Bhd (PetDag) at RM20 with a lower target price of RM22 (from RM26) and said PetDag's 1H14 performance undershot expectations, with its net profit forming only 42% of house FY14 forecast and 37% of consensus due to higher costs. In a note Aug 7, CIMB Research analayst Norziana Md Inon said nonetheless, after a disappointing dividend per share (DPS) of 12 sen for 1Q14, the company surprised with a DPS of 14 sen for 2Q14, higher than its usual DPS of 13.1 sen. “We maintain our Hold recommendation, but cut our FY14-16 EPS to reflect the higher costs, resulting in a lower target price. “We continue to value the stock at 23.4x CY15 P/E, a 40% premium over our revised implied target market P/E of 16.7x , but still within the historical P/E range of the oil & gas big caps. “Our top sector picks are SapuraKencana and TH Heavy,” she said. |
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