Stock Name: PENERGY
Company Name: PETRA ENERGY BHD
OSK Research Sdn Bhd has downgraded Petra Energy Bhd's financial years 2011-2012 forecasts by 13-16 per cent.
It said this was in line with the company's lower than-expected performance for the first half of financial year 2011 (1HFY11) coupled with the expected slow performance going forward following the slowdown in the global economy which may result in lower energy demand and hence oil and gas activities too.
"The 1HFY11 results were below consensus and our expectations, making up 28 per cent and 38 per cent of the financial year 2011 forecasts respectively," it said in a note today.
OSK Research said it would maintain its 'buy' call on the company with a revised fair value to RM1.77 from RM2.34 previously. -- Bernama
Company Name: PETRA ENERGY BHD
| Research House: OSK | Price Call: BUY | Target Price: 1.77 |
OSK Research Sdn Bhd has downgraded Petra Energy Bhd's financial years 2011-2012 forecasts by 13-16 per cent.
It said this was in line with the company's lower than-expected performance for the first half of financial year 2011 (1HFY11) coupled with the expected slow performance going forward following the slowdown in the global economy which may result in lower energy demand and hence oil and gas activities too.
"The 1HFY11 results were below consensus and our expectations, making up 28 per cent and 38 per cent of the financial year 2011 forecasts respectively," it said in a note today.
OSK Research said it would maintain its 'buy' call on the company with a revised fair value to RM1.77 from RM2.34 previously. -- Bernama
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