Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Research House: HWANGDBS
Company Name: PETRONAS DAGANGAN BHD
Research House: HWANGDBS
HWANGDBS Vickers Research Sdn Bhd has maintained its 'hold' recommendation on Petronas Dagangan Bhd (PDB) at a higher target price of RM12.50 from RM10.15.
The research house said PDB remained cash-rich and as at end-December 2010, it has net cash of RM1 billion even though it has paid out RM633 million dividends.
"We believe it could sustain a high dividend payout," it said in a research note today.
HwangDBS said it has also raised PDB's FY11-FY13 net profit forecast by 6.7-9.4 per cent, factoring in overall higher crude oil to US$90-US$105 per barrel in 2011-2013 from US$80-US$95 per barrel, previously.
PDB yesterday reported that pre-tax profit for the third quarter ended Dec 31, 2010 rose to RM331.897 million from RM256.924 million in the same period of 2009.
Revenue increased to RM5.932 billion from RM5.337 billion previously. -- BERNAMA
The research house said PDB remained cash-rich and as at end-December 2010, it has net cash of RM1 billion even though it has paid out RM633 million dividends.
"We believe it could sustain a high dividend payout," it said in a research note today.
HwangDBS said it has also raised PDB's FY11-FY13 net profit forecast by 6.7-9.4 per cent, factoring in overall higher crude oil to US$90-US$105 per barrel in 2011-2013 from US$80-US$95 per barrel, previously.
PDB yesterday reported that pre-tax profit for the third quarter ended Dec 31, 2010 rose to RM331.897 million from RM256.924 million in the same period of 2009.
Revenue increased to RM5.932 billion from RM5.337 billion previously. -- BERNAMA
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