KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform on PETRONAS DAGANGAN BHD [] with the potential share price trigger being leadership of the retail and lubricant segments.
It said on Thursday, Aug 11 that PetDag's'' 1Q net profit accounted for 21% of its FY3/12 forecast and consensus estimates.
'We consider the performance to be largely in line as we anticipate a stronger showing in the remaining quarters,' it said.
CIMB Research said the interim DPS of 15 sen also met expectations. It maintains its forecasts but introduces proforma numbers for the 12 months ending December 2011 in view of PetDag's change of financial year-end from March to December.
'Our target price is unchanged at RM21.60 as we continue to value the stock at a 40% premium over our 14.5x target market P/E to reflect its earnings visibility and growing appeal as a growth and dividend play. The stock remains an OUTPERFORM, with the potential share price trigger being leadership of the retail and lubricant segments,' it said.
It said on Thursday, Aug 11 that PetDag's'' 1Q net profit accounted for 21% of its FY3/12 forecast and consensus estimates.
'We consider the performance to be largely in line as we anticipate a stronger showing in the remaining quarters,' it said.
CIMB Research said the interim DPS of 15 sen also met expectations. It maintains its forecasts but introduces proforma numbers for the 12 months ending December 2011 in view of PetDag's change of financial year-end from March to December.
'Our target price is unchanged at RM21.60 as we continue to value the stock at a 40% premium over our 14.5x target market P/E to reflect its earnings visibility and growing appeal as a growth and dividend play. The stock remains an OUTPERFORM, with the potential share price trigger being leadership of the retail and lubricant segments,' it said.
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