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CIMB Research maintains Outperform on Petronas Gas
by hlk Tue 05 Jun 2012, 10:44
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform rating on Petronas Gas Bhd and target price of RM18.79.
It said on Tuesday that it learnt that Petroliam Nasional Bhd might underwrite the entire capacity of PetGas's Malacca regasification terminal (RGT).
“This would shield PetGas from a demand shortfall, which was a concern given the market-to-subsidised gas price spread. We reiterate our Outperform rating on the stock,” it said.
CIMB Research said ahould the demand risk be eliminated, PetGas would be rerated due to better earnings visibility.
Its discounted cashflow-based target price (WACC: 8.0%) was unchanged and PetGas remained its top utility pick.
It said on Tuesday that it learnt that Petroliam Nasional Bhd might underwrite the entire capacity of PetGas's Malacca regasification terminal (RGT).
“This would shield PetGas from a demand shortfall, which was a concern given the market-to-subsidised gas price spread. We reiterate our Outperform rating on the stock,” it said.
CIMB Research said ahould the demand risk be eliminated, PetGas would be rerated due to better earnings visibility.
Its discounted cashflow-based target price (WACC: 8.0%) was unchanged and PetGas remained its top utility pick.
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