KUALA LUMPUR: Maybank Investment Bank Research (Maybank IB) downgraded MISC to Hold with a lower target price of RM8.10.
It said on Friday, Feb 25 that MISC reported a RM1.3 billion gain in 3QFY11 mainly from the disposal of MMHE but operations were below expectations 'as we had underestimated the severity of the petroleum shipping market problem'.
Losses continue to widen. Pending an analyst briefing later Friday, Maybank IB Research said it had 'tentatively downgrade MISC to a Hold and cut FY11-13 earnings by 12%-36% as we expect the petroleum market to only recover in FY13.
'Our new target price of RM8.10 is based on a 10% discount to our revised SOP valuations,' it said.
It said on Friday, Feb 25 that MISC reported a RM1.3 billion gain in 3QFY11 mainly from the disposal of MMHE but operations were below expectations 'as we had underestimated the severity of the petroleum shipping market problem'.
Losses continue to widen. Pending an analyst briefing later Friday, Maybank IB Research said it had 'tentatively downgrade MISC to a Hold and cut FY11-13 earnings by 12%-36% as we expect the petroleum market to only recover in FY13.
'Our new target price of RM8.10 is based on a 10% discount to our revised SOP valuations,' it said.
No comments:
Post a Comment