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Thursday, November 22, 2007

Investors to take profit on Petronas Gas

BY The Edge Daily

KENANGA Investment Bank Research advises investors to take profit on Petronas Gas Bhd as all potential re-rating catalysts have been factored into the share price and investors are only exposed to downside risk.

The research house maintained its target price of RM9.70 but downgraded its recommendation from Hold to Sell.

“The 20 times price-to-earnings ratio (PER) valuations are expensive for Petronas Gas when its earnings growth is not expected to increase in the future,” it said.

It said Petronas Gas’ net profit of RM539.4 million for the first half ended Sept 30, 2007 was in line with expectations, comprising 51% of its full financial year forecast (FY ending March 31, 2008) but only 46% of consensus estimates.

Revenue and pre-tax profit grew by 6% and 22% but net profit declined by 2% due to higher effective tax rate as almost all its tax allowances were utilised in FY07.

Posted by F.R.E.D.Y at 11:03 PM
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