Stock Name: PETGAS
Company Name: PETRONAS GAS BHD
Affin Investment Bank cut its target price on Petronas Gas Bhd to RM16.60 from RM17.40, citing a project delay which may hurt the company's earnings next year.
"We downgrade our earnings per share for the next two years by 7.1 per cent to 16.8 per cent to account for lower-than-expected performance-based income, and to account for a six-month delay in the commissioning of the Melaka regasification terminal," said Affin in a report on Monday. It maintained a "reduce" call on the stock.
The company's net profit fell 18.9 per cent to RM310.5 million in the third quarter ended Sept. 30 after revenue from gas processing dropped by almost 30 per cent on lower export volumes.
Petronas Gas shares were down 0.53 per cent at RM18.80 as of 10.14am. -- Reuters
Company Name: PETRONAS GAS BHD
| Research House: AFFIN | Price Call: SELL | Target Price: 16.60 |
Affin Investment Bank cut its target price on Petronas Gas Bhd to RM16.60 from RM17.40, citing a project delay which may hurt the company's earnings next year.
"We downgrade our earnings per share for the next two years by 7.1 per cent to 16.8 per cent to account for lower-than-expected performance-based income, and to account for a six-month delay in the commissioning of the Melaka regasification terminal," said Affin in a report on Monday. It maintained a "reduce" call on the stock.
The company's net profit fell 18.9 per cent to RM310.5 million in the third quarter ended Sept. 30 after revenue from gas processing dropped by almost 30 per cent on lower export volumes.
Petronas Gas shares were down 0.53 per cent at RM18.80 as of 10.14am. -- Reuters
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