Stock Name: PETRA
Company Name: PETRA PERDANA BHD
Research House: OSK
KUALA LUMPUR: OSK Research said PETRA PERDANA BHD []'s 1QFY11 results fell short of expectations.
It said on Wednesday, May 25 this was mainly due to the low utilisation rate of its vessels as a result of the monsoon season.
'We are downgrading our FY11-12 earnings by 43%-44%. However, we are of the view that the worst is over for the company. At the very least, Petra is showing some signs of recovery, as can be seen from its lower losses. Maintain Buy but with a lower fair value of RM1.50 (previously RM1.57),' it said.
Company Name: PETRA PERDANA BHD
Research House: OSK
KUALA LUMPUR: OSK Research said PETRA PERDANA BHD []'s 1QFY11 results fell short of expectations.
It said on Wednesday, May 25 this was mainly due to the low utilisation rate of its vessels as a result of the monsoon season.
'We are downgrading our FY11-12 earnings by 43%-44%. However, we are of the view that the worst is over for the company. At the very least, Petra is showing some signs of recovery, as can be seen from its lower losses. Maintain Buy but with a lower fair value of RM1.50 (previously RM1.57),' it said.
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