KUALA LUMPUR: CIMB Equities Research said Petroliam Nasional Bhd's FY3/11 results revealed a 36% jump in net profit to RM55 billion on revenue growth of 11% to RM241 billion, coming from higher crude oil prices and exceptional gains from the listings of Petronas and MMHE.
It said on Thursday, June 9 Petronas also revised its five-year capex from RM250 billion to RM300 billion, which will benefit the broader sector, with drillers and fabricators being the big winners.
The national oil company had also announced the award of its next risk service contract (RSC) for marginal field development within 60 days
'We remain OVERWEIGHT on the sector. Petronas' strong FY11 performance and record capex are potential re-rating catalysts for the sector, along with more Economic Transformation Programme (ETP) newsflow and contract awards. SapuraCrest (Outperform) stays as our top pick,' it said.
It said on Thursday, June 9 Petronas also revised its five-year capex from RM250 billion to RM300 billion, which will benefit the broader sector, with drillers and fabricators being the big winners.
The national oil company had also announced the award of its next risk service contract (RSC) for marginal field development within 60 days
'We remain OVERWEIGHT on the sector. Petronas' strong FY11 performance and record capex are potential re-rating catalysts for the sector, along with more Economic Transformation Programme (ETP) newsflow and contract awards. SapuraCrest (Outperform) stays as our top pick,' it said.
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