Bursa Malaysia Stock Watch
Perdana Petroleum, Wah Seong - Perdana Exits Petra Energy
kltrader
Publish date: Wed, 04 Jul 2012, 02:00 PM
kltrader
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Changing of the guard. Perdana Petroleum's exit from Petra Energy (PE) via the sale of its remaining 26.9% stake to Wah Seong Corp (WSC) for MYR96.9m (MYR1.68/share) is not unexpected. While this removes a source of earnings, Perdana is now a leaner organisation - making it a more interesting acquisition/merger candidate. For WSC, the deal is EPS-enhancing and allows it to expand horizontally in the O&G value chain. WSC remains a BUY with a MYR2.40 TP on FY13 PER of 13x. Perdana is a HOLD with a MYR0.55 TP on 0.6x PBV.
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Source: Maybank Research - 4 July 2012
Click here for full report
Source: Maybank Research - 4 July 2012
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alexmichael
Wah Seong in my opinion is an under performing OG counter. Perhaps, no syndicate goreng or speculate this counter.
2012-08-21 07:32