Bursa Malaysia Stock Watch
CIMB Research upgrades O&G to Overweight from Neutral
kltrader
Publish date: Wed, 08 Dec 2010, 04:57 PM
kltrader
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KUALA LUMPUR: CIMB Equities Research has upgraded the oil and gas (O&G) sector from Neutral to Overweight with SapuraCrest staying as its top pick.
The research house said on Wednesday, Dec 8 the O&G sector showed quarter-on-quarter improvement in the 3QCY10 reporting season. Only two or 29% of the seven companies it covered missed its forecasts in 3Q compared to three (43%) in 2Q.
"Collectively, core net profits fell 5% yoy in 3Q, an improvement on 2Q's 15% contraction. The better results and the subsequent earnings upgrades have driven the sector's CY11 P/E down from 17 times in September to 15 times currently and pushed the sector's three-year EPS CAGR up from 11.6% in September to 12.7% currently," it said.
CIMB Research said newsflow on the Economic Transformation Programme and its recommendation upgrade for Petronas Dagangan were added positives. It upgraded the sector from Neutral to Overweight with SapuraCrest staying as its top pick.
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