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- HwangDBS Research maintains "Buy" on MISC
- Affin Research maintains "Add" on Perdana Petroleum, higher TP
- PetGas, AmBank lead KLCI higher, Iris in focus
HwangDBS Research maintains "Buy" on MISC Posted: KUALA LUMPUR: HwangDBS Vickers Research is maintaining its "Buy" call on MISC Bhd with a target price of RM5.29. "Petronas announced that it will directly procure and own its next phase of LNG vessels. The move is disappointing, removing a potential long-term growth avenue for MISC," it said. It added this year the group will benefit from contribution of floating storage units for the Malacca regas project, commissioning of Gumusut-Kakap in second half of 2013 and two additional Very Large Crude Carriers (VLCCs) that will be delivered in the same period. "Floating production, storage and offloading cendor will provide another boost to next year's earnings. "We understand the group is exploring possibilities for new offshore projects. In our view, there are opportunities to unlock value from its portfolio of world-class oil & gas assets," it said. HwangDBS said despite the disappointing news, the stock remains undervalued with its resilient LNG cashflows, solid oil and gas assets, and significantly stronger balance sheet following the sale of 50% stake in Gumusut-Kakap and the liner business last year. |
Affin Research maintains "Add" on Perdana Petroleum, higher TP Posted: KUALA LUMPUR: Affin Research is maintaining its "Add" call on Perdana Petroleum Bhd with a raised target price of RM2.13 from RM1.90 for its modern offshore support vessel (OSV) fleet. "Also, we remain positive on the OSV sector, expecting strong earnings recovery in OSV operators to further re-rate share prices. "Key risks to our positive view are further weakening of the Ringgit and unexpected slowdown in domestic oil and gas activities," it said. It added Perdana Petroleum has returned to profitability since its second quarter 2012 after enduring a four-year industry downturn. "Within a short span of one year, Perdana has ordered five accommodation work barges from Nam Cheong at US$29.5mil (RM96.1mil)," it said. Affin noted four of the five new accommodation work barges will be chartered to Dayang on a five-year chartering contract while the group has yet to secure a client for the fifth work barge. "Moving forward, Perdana will gradually expand its OSV fleet, focusing on work boats and work barges," it said. "We believe that Perdana may order a further two to three new vessels annually through its financial year 2014 and 2015," it said. |
PetGas, AmBank lead KLCI higher, Iris in focus Posted: KUALA LUMPUR: Malaysia's FBM KLCI advanced in early trade on Monday, supported by mild buying of Petronas Gas, AmBank and UMW while Iris Corp was in focus. At 9.07am, the KLCI was up 3.15 points to 1,785.66. Turnover was 99.11 million shares valued at RM36.71mil. There were 110 gainers, 80 losers and 113 counters unchanged. JF Apex Research said it expected the KLCI to remain lackluster for this week, trading sideways below 1,800 with thin volume transacted as investors stay away from the market in view of the upcoming Hari Raya holidays. Petronas Gas rose 36 sen to RM21 with 200 shares done while BAT added 24 sen to RM63.24, UMW 16 sen to RM14.28 and AmBank 12 sen higher to RM7.93. Iris rose three sen to 24 sen with 34.38 million shares done, its warrants Iris-WA added 2.5 sen to 12.5 sen and Iris-WB two sen to 13 sen. Iris Corp Bhd has received an offer from Federal Land Development Authority (Felda) to subscribe for up to 394.1 million new ordinary shares, representing 25% of the issued and paid-up capital of Iris at 28 sen, thus raising some RM110.3mil. HL Industries fell 18 sen to RM5.31, PPB Group 14 sen to RM14.70 and GAB 10 sen to RM18.10. MMHE shed four sen to RM4 and Kimlun three sen to RM2.05. |
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