Bursa Malaysia Stock Watch
Petronas Gas: Downgrade to Hold - No Surprises; Near-term Priced In
kltrader
Publish date: Thu, 16 Aug 2012, 10:15 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
- Downgrade to HOLD. Petronas Gas' 1H12 core net profit was in line, accounting for 48% of our full-year forecast.
- Nonetheless, most of the medium-term positives (i.e. Melaka regasification project and Kimanis power plant) have been priced in following a 16% surge in its share price over the last three months.
- We believe Gas Malaysia is a better defensive O&G play, on valuations and dividend yield (4-5%) grounds.
Source: Maybank Research - 16 August 2012
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