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RHB Research downgrades SapuraKencana to Sell
by Cals Thu 05 Mar 2015, 19:07
RHB Research downgrades SapuraKencana to Sell
By TheEdge Markets.com / theedgemarkets.com | March 5, 2015 : 10:03 AM MYT
KUALA LUMPUR (March 5): [size=14]RHB Research has downgraded SapuraKencana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) to “Sell” (from Neutral) at RM2.64 with an unchanged target price of RM2.20 and said it sees increasing risks on counterparty, orderbook replenishment and exploration & production (E&P) assets.
In a note today, the research house said weaker E&P earnings and asset impairment possibilities could arise in the earning quarters.
It said latest foreign shareholding fell to 20% (from 23%, ex-Seadrill) and Tan Sri Mokhzani Mahathir’s resignation from the board could provide uncertainties on Kencana Capital’s holdings (more than 10%).
“Our FY16F/FY17F earnings are lowered by 6-7% as we value upstream at an 8% discount to our oil price assumption (pending the gas sales agreements),” it said.
At 9.41am, the stock fell 6.82% or 18 sen to RM2.46 with 16.76 million shares done.
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By TheEdge Markets.com / theedgemarkets.com | March 5, 2015 : 10:03 AM MYT
KUALA LUMPUR (March 5): [size=14]RHB Research has downgraded SapuraKencana Petroleum Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) to “Sell” (from Neutral) at RM2.64 with an unchanged target price of RM2.20 and said it sees increasing risks on counterparty, orderbook replenishment and exploration & production (E&P) assets.
In a note today, the research house said weaker E&P earnings and asset impairment possibilities could arise in the earning quarters.
It said latest foreign shareholding fell to 20% (from 23%, ex-Seadrill) and Tan Sri Mokhzani Mahathir’s resignation from the board could provide uncertainties on Kencana Capital’s holdings (more than 10%).
“Our FY16F/FY17F earnings are lowered by 6-7% as we value upstream at an 8% discount to our oil price assumption (pending the gas sales agreements),” it said.
At 9.41am, the stock fell 6.82% or 18 sen to RM2.46 with 16.76 million shares done.
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