KUALA LUMPUR: MIDF Amanah Investment Bank Bhd research is keeping its BUY recommendation for Wah Seong Corporation with an unchanged Target Price of RM2.73.
It said on Thursday, Sept 15, this is based on unchanged 15.7 times price-to-earnings for FY11, which is within its three-year historical average of 12.9 times to 24.6 times.
'We like Wah Seong Corp'' given its exposure to Australia LNG industry. On the local front, we expect recently announced gas project known as North Malay Basin, of which a new 200km pipeline to transport gas from the fields to Kerteh will be develop, to be the near-term catalyst to Wah Seong Corp,' it said.
It said on Thursday, Sept 15, this is based on unchanged 15.7 times price-to-earnings for FY11, which is within its three-year historical average of 12.9 times to 24.6 times.
'We like Wah Seong Corp'' given its exposure to Australia LNG industry. On the local front, we expect recently announced gas project known as North Malay Basin, of which a new 200km pipeline to transport gas from the fields to Kerteh will be develop, to be the near-term catalyst to Wah Seong Corp,' it said.
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