Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: CIMB | Price Call: BUY | Target Price: 21.80 |
Target RM21.80
Unlike Esso stations that ran on empty earlier this month due to a shortage of fuel, PetDag's pumps were far from dry. The company's network expansion is also on track and it has collected the bulk of subsidies receivable from the government. We continue to value the stock at 18.2x CY13 P/E, 40% premium over our target market P/E to reflect its earnings visibility and attraction as a growth and dividend stock. PetDag remains an Outperform and our big-cap oil & gas top pick.
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