May 19, 2011

TGOFFS - Tanjung Offshore cut to 'neutral'

Stock Name: TGOFFS
Company Name: TANJUNG OFFSHORE BHD
Research House: OSK

Tanjung Offshore Bhd was downgraded at OSK Research Sdn Bhd, which said the Malaysian oil and gas services provider may have slipped to a loss in the first quarter because of cost overruns.

The stock was cut to “neutral” from “trading buy” and its fair value reduced to RM1.29 from RM2.18, Jason Yap, a Kuala Lumpur-based analyst at OSK, wrote in a report today. -- Bloomberg

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