KUALA LUMPUR: OSK Research said KENCANA PETROLEUM BHD []'s FY10 results were within expectations.
It said on Thursday, Sept 30 that although the 4QFY10 revenue was quite flattish on-quarter, the net profit was up 33% on-quarter contributed by the lower expenses incurred and better cost management as well as fabrication of higher margin product mix.
'Going forward to the next quarter, Kencana will have additional revenue contribution coming from the MKR-1. Maintain Buy on Kencana with a target price of RM2.06 based on PER of 16 times CY11 EPS,' it said.
It said on Thursday, Sept 30 that although the 4QFY10 revenue was quite flattish on-quarter, the net profit was up 33% on-quarter contributed by the lower expenses incurred and better cost management as well as fabrication of higher margin product mix.
'Going forward to the next quarter, Kencana will have additional revenue contribution coming from the MKR-1. Maintain Buy on Kencana with a target price of RM2.06 based on PER of 16 times CY11 EPS,' it said.
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