Bursa Malaysia Stock Watch

MISC: Upgrade to Hold - Down But Not Out

kltrader
Publish date: Thu, 17 May 2012, 09:28 AM
kltrader
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Upgrade to HOLD, TP revised to MYR4.80. 1Q12 results were hit by several one-offs and huge losses at the liner division. We expect earnings to recover in 2Q12 as MISC progressively exits from the liner operations. Trading below book value, we upgrade MISC to a HOLD.The upside to our new TP warrants a more aggressive call but at this stage, the outlook remains hazy for the petroleum and chemical divisions particularly amid rising external economic headwinds.

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Source: Maybank Research - 17 May 2012
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