Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: TA | Price Call: SELL | Target Price: 17.61 |
Showing posts with label PETDAG. Show all posts
Showing posts with label PETDAG. Show all posts
May 13, 2015
Opex to rise to normal level
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 17.47 |
April 7, 2015
Associated risks cap potential upside
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 17.47 |
February 13, 2015
The Crude Oil Drag
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: TA | Price Call: SELL | Target Price: 17.56 |
August 11, 2014
PETDAG - More Conviction Needed for a Re-rate
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: TA | Price Call: SELL | Target Price: 18.73 |
February 10, 2014
PETDAG - Rich Valuations Cap Upside
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: TA | Price Call: SELL | Target Price: 30.50 |
September 3, 2013
Petronas Dagangan Berhad - Minimum Impact from Price Increase
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: TA | Price Call: SELL | Target Price: 21.80 |
February 25, 2013
Huge Capex to Grow Domestic Retail & Foreign Business
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Company Name: PETRONAS DAGANGAN BHD
| Research House: TA | Price Call: SELL | Target Price: 20.00 |
April 18, 2012
Petronas Dagangan - Running on a full tank
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.
April 10, 2012
Petronas Dagangan - Ready, get set, grow!
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
Our communication with management and recent developments suggest that it is all systems go for PetDag in its drive to become an all-around leader in four years' time. All units ' retail, lubricant, LPG and commercial ' are revved up and on an accelerated growth path. Our target price rises as we now value PetDag at 18.2x CY13 P/E, a 40% premium over our target market P/E which was recently raised from 12.6x to 13x. The stock remains an Outperform and our big-cap oil & gas top pick.
February 27, 2012
PETDAG - Result in line, but fragile outlook
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Petronas Dagangan; Hold; RM18.00
Price Target: RM15.20; PETD MK
Dec11 quarter's RM222m profit was in line. Declared 15sen and special 35sen DPS, translating to net yield of 2.1%. Maintain Hold and RM15.20 TP, pegged to 16x CY12 EPS. Our FY12F net DPS of 75 implies yield of 4.2%.
Source: HwangDBS Research 27 Feb 2012
Company Name: PETRONAS DAGANGAN BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 15.20 |
Petronas Dagangan; Hold; RM18.00
Price Target: RM15.20; PETD MK
Dec11 quarter's RM222m profit was in line. Declared 15sen and special 35sen DPS, translating to net yield of 2.1%. Maintain Hold and RM15.20 TP, pegged to 16x CY12 EPS. Our FY12F net DPS of 75 implies yield of 4.2%.
Source: HwangDBS Research 27 Feb 2012
August 11, 2011
CIMB Research keeps Outperform on Petronas Dagangan
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform on PETRONAS DAGANGAN BHD [] with the potential share price trigger being leadership of the retail and lubricant segments.
It said on Thursday, Aug 11 that PetDag's'' 1Q net profit accounted for 21% of its FY3/12 forecast and consensus estimates.
'We consider the performance to be largely in line as we anticipate a stronger showing in the remaining quarters,' it said.
CIMB Research said the interim DPS of 15 sen also met expectations. It maintains its forecasts but introduces proforma numbers for the 12 months ending December 2011 in view of PetDag's change of financial year-end from March to December.
'Our target price is unchanged at RM21.60 as we continue to value the stock at a 40% premium over our 14.5x target market P/E to reflect its earnings visibility and growing appeal as a growth and dividend play. The stock remains an OUTPERFORM, with the potential share price trigger being leadership of the retail and lubricant segments,' it said.
Company Name: PETRONAS DAGANGAN BHD
| Research House: CIMB | Price Call: BUY | Target Price: 21.60 |
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform on PETRONAS DAGANGAN BHD [] with the potential share price trigger being leadership of the retail and lubricant segments.
It said on Thursday, Aug 11 that PetDag's'' 1Q net profit accounted for 21% of its FY3/12 forecast and consensus estimates.
'We consider the performance to be largely in line as we anticipate a stronger showing in the remaining quarters,' it said.
CIMB Research said the interim DPS of 15 sen also met expectations. It maintains its forecasts but introduces proforma numbers for the 12 months ending December 2011 in view of PetDag's change of financial year-end from March to December.
'Our target price is unchanged at RM21.60 as we continue to value the stock at a 40% premium over our 14.5x target market P/E to reflect its earnings visibility and growing appeal as a growth and dividend play. The stock remains an OUTPERFORM, with the potential share price trigger being leadership of the retail and lubricant segments,' it said.
July 20, 2011
O&G: Cashing in on the ETP lock, stock and barrel
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Oil and gas sector
Maintain overweight: Investments are barrelling through for the oil & gas (O&G) sector, which has grabbed 52% of the total committed investments for the Economic Transformation Programme (ETP). The 12 ETP O&G projects are expected to contribute a staggering RM64 billion worth of gross national income in 2020. Marginal fields and risk-sharing contracts (RSC) give local service providers a shot at becoming developers and producers, but are the big test for the sector. The development of a regional storage and trading hub provides opportunities for downstream players. The ETP development plans keep the prospects bright and will lead to sustainable earnings for the players, supporting our projection of a high-octane three-year earnings per share compounded annual growth rate of 57.6%. We remain 'overweight' on the sector and upgrade Perdana Petroleum Bhd from 'underperform' to 'trading buy'. Our new favourites are Petronas Dagangan Bhd (PDB; target price raised from RM18.50 to RM21.60) and Perisai Petroleum Teknologi Bhd.
It is full speed ahead at Berantai as the contractors are racing to produce first gas by year-end. All eyes are on Berantai and the three-way consortium because the field is expected to set the benchmark for future RSCs, a new upstream licensing system introduced by Petroliam Nasional Bhd (Petronas). In our view, the RSC framework actually offers much greater incentive than the standard terms of a production-sharing contract (PSC).
Construction of the seven-year, RM5 billion Pengerang terminal in Johor has started. South Johor could have a total terminal capacity of 10 million cu m within the next seven years and could develop into a large petroleum, petrochemical and liquefied natural gas trading hub. Though not part of the ETP, the US$20 billion (RM60 billion) refinery and petrochemical integrated development (Rapid) project adds to the excitement in south Johor.
Over the past year, the O&G sector's market capitalisation has surged from RM30 billion to RM60 billion, fuelled primarily by the emergence of bigger caps and active news flow on the ETP, mergers and acquisitions and new contracts. With the exception of marine support providers Perdana and Alam Maritim Resources Bhd, all companies in our O&G portfolio are expected to post record net profit every year in FY11 to FY13. Reflecting improved prospects, our O&G portfolio has outperformed the FBM KLCI by 20% year-to-date, lifted primarily by PDB.
Its share price has enjoyed a re-rating, thanks to a record FY11 ended March performance, the management's improved investor relations and the anticipation of more bumper dividends ahead of the end-2013 deadline for utilisation of tax credits. Nonetheless, we still project substantial share price upside to this big cap.
Small-cap Perisai stands out for its attractive valuations and tremendous share price upside. Its FY12/FY13 price-earnings ratios are undemanding at below eight times, making Perisai the cheapest stock in our O&G portfolio. Our target price of RM1.60 implies share price upside of 106%, which is the highest in the sector.
The sharp fall in Perdana's share price presents a trading opportunity. Since we downgraded the stock from 'trading buy' to 'underperform' on Jan 19, 2011, the share price has plunged 28%, underperforming the FBM KLCI by 27%. After seven straight quarters of losses, signs are pointing to a potential turnaround in 2H11. ' CIMB Research, July 20
This article appeared in The Edge Financial Daily, July 21, 2011.
Company Name: PETRONAS DAGANGAN BHD
| Research House: CIMB | Price Call: BUY | Target Price: 21.60 |
Oil and gas sector
Maintain overweight: Investments are barrelling through for the oil & gas (O&G) sector, which has grabbed 52% of the total committed investments for the Economic Transformation Programme (ETP). The 12 ETP O&G projects are expected to contribute a staggering RM64 billion worth of gross national income in 2020. Marginal fields and risk-sharing contracts (RSC) give local service providers a shot at becoming developers and producers, but are the big test for the sector. The development of a regional storage and trading hub provides opportunities for downstream players. The ETP development plans keep the prospects bright and will lead to sustainable earnings for the players, supporting our projection of a high-octane three-year earnings per share compounded annual growth rate of 57.6%. We remain 'overweight' on the sector and upgrade Perdana Petroleum Bhd from 'underperform' to 'trading buy'. Our new favourites are Petronas Dagangan Bhd (PDB; target price raised from RM18.50 to RM21.60) and Perisai Petroleum Teknologi Bhd.
It is full speed ahead at Berantai as the contractors are racing to produce first gas by year-end. All eyes are on Berantai and the three-way consortium because the field is expected to set the benchmark for future RSCs, a new upstream licensing system introduced by Petroliam Nasional Bhd (Petronas). In our view, the RSC framework actually offers much greater incentive than the standard terms of a production-sharing contract (PSC).
Construction of the seven-year, RM5 billion Pengerang terminal in Johor has started. South Johor could have a total terminal capacity of 10 million cu m within the next seven years and could develop into a large petroleum, petrochemical and liquefied natural gas trading hub. Though not part of the ETP, the US$20 billion (RM60 billion) refinery and petrochemical integrated development (Rapid) project adds to the excitement in south Johor.
Over the past year, the O&G sector's market capitalisation has surged from RM30 billion to RM60 billion, fuelled primarily by the emergence of bigger caps and active news flow on the ETP, mergers and acquisitions and new contracts. With the exception of marine support providers Perdana and Alam Maritim Resources Bhd, all companies in our O&G portfolio are expected to post record net profit every year in FY11 to FY13. Reflecting improved prospects, our O&G portfolio has outperformed the FBM KLCI by 20% year-to-date, lifted primarily by PDB.
Its share price has enjoyed a re-rating, thanks to a record FY11 ended March performance, the management's improved investor relations and the anticipation of more bumper dividends ahead of the end-2013 deadline for utilisation of tax credits. Nonetheless, we still project substantial share price upside to this big cap.
Small-cap Perisai stands out for its attractive valuations and tremendous share price upside. Its FY12/FY13 price-earnings ratios are undemanding at below eight times, making Perisai the cheapest stock in our O&G portfolio. Our target price of RM1.60 implies share price upside of 106%, which is the highest in the sector.
The sharp fall in Perdana's share price presents a trading opportunity. Since we downgraded the stock from 'trading buy' to 'underperform' on Jan 19, 2011, the share price has plunged 28%, underperforming the FBM KLCI by 27%. After seven straight quarters of losses, signs are pointing to a potential turnaround in 2H11. ' CIMB Research, July 20
This article appeared in The Edge Financial Daily, July 21, 2011.
May 25, 2011
PETDAG - 'Hold' call on Petronas Dagangan
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Research House: HWANGDBS
Company Name: PETRONAS DAGANGAN BHD
Research House: HWANGDBS
Petronas Dagangan Bhd (PDB), which had RM1 billion in net cash as at end March 2011, is expected to remain generous in its dividend payout for the upcoming financial year.
HwangDBS Vickers Research said it was keeping the dividend payout assumption at 70 per cent which translates into 61.5 sen net dividend per share (DPS).
Yesterday, PDB declared a gross final and special DPS of 60 sen, which was above expectation, said the research house in a statement here, today.
For the financial year ended March 31, 2011, the firm''s pre-tax profit jumped RM1.21 billion compared with the RM1.05 billion registered in 2010. Revenue was up at RM23.27 billion from RM20.69 billion previously.
In a filing to Bursa, PDB said it expects profits for the current financial period to be lower.
This is due to a nine-month financial period, arising from the change in its financial year end from March 31 previously to December 31, beginning 2011.
However, HwangDBS told Bernama that the 70 per cent dividend payout outlook, is still based on the financial year ended March 31, 2012.
For now, HwangDBS is making a "hold" call for PDB shares with a target price of RM12.75. At 11.33 am, PDB shares price stood 40 sen higher at RM15.70. -- Bernama
HwangDBS Vickers Research said it was keeping the dividend payout assumption at 70 per cent which translates into 61.5 sen net dividend per share (DPS).
Yesterday, PDB declared a gross final and special DPS of 60 sen, which was above expectation, said the research house in a statement here, today.
For the financial year ended March 31, 2011, the firm''s pre-tax profit jumped RM1.21 billion compared with the RM1.05 billion registered in 2010. Revenue was up at RM23.27 billion from RM20.69 billion previously.
In a filing to Bursa, PDB said it expects profits for the current financial period to be lower.
This is due to a nine-month financial period, arising from the change in its financial year end from March 31 previously to December 31, beginning 2011.
However, HwangDBS told Bernama that the 70 per cent dividend payout outlook, is still based on the financial year ended March 31, 2012.
For now, HwangDBS is making a "hold" call for PDB shares with a target price of RM12.75. At 11.33 am, PDB shares price stood 40 sen higher at RM15.70. -- Bernama
February 17, 2011
PETDAG - PetDagang heading for a record quarter
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Research House: CIMB
Petronas Dagangan Bhd
(Feb 17, RM12.70)
Maintain outperform at RM12.50 with target price RM15.40: Petronas Dagangan's (PetDagang) record quarterly net profit of RM236 million for 3QFY11 took 9M bottom line to an all-time high of RM641 million. At 73% of our full-year forecast, it met our expectations as we anticipate a stronger 4Q. However, at 82% of consensus numbers, it beat market expectations. The absence of an interim dividend was expected. We maintain our forecasts and continue to value the stock at our target market PER of 14.5 times, leading to an unchanged target price of RM15.40. PetDagang remains an 'outperform' based on the potential re-rating catalysts of: (i) leadership in the retail and lubricant segments; (ii) an overseas venture; and (iii) earnings upgrades by the market. Its 6.8% dividend yield, the highest in the sector locally and the second highest regionally, adds to the attraction.
Net profit in 3Q rose 26% year-on-year (y-o-y), thanks to an improvement in volume and margin supported by a bigger petrol station network and higher vehicle population. Furthermore, the steady movement of the oil price in October to December helped stabilise the selling prices of products that do not come under the automatic pricing mechanism. These positive factors boosted earnings before interest and tax (Ebit) margin to 5.5%, the highest since 1QFY10's 5.8%.
The government raised the selling price of RON 95 petrol by 5 sen per litre in December while the price of RON 97 petrol was adjusted upwards twice by 5 sen in November and 15 sen in December. However, the price increases did not have a major impact on sales volume as the increases were not unexpected.
Furthermore, the double hikes for RON 97 affected mostly high-end users with performance cars. An estimated 75% to 80% of motorists use RON 95, which is kept affordable at RM1.90 per litre. RON 97 retails at RM2.50 per litre.
PetDagang is Malaysia's No 1 petroleum retailer. It is also tops in the commercial and LPG segments. However, the company still trails behind Shell in the retail and lubricant segments. Management targets to wrest the retail leadership position from Shell within three years. In the lubricant segment, where it is a late entrant, PetDagang aims to be the leader in five years.
PetDagang is currently mandated to operate only in Malaysia. However, this may change as management is mulling the possibility of operating outside Malaysia. In addition to the eventual reality of hitting a saturation point, we believe its interest in widening its market exposure may have been triggered by the likelihood of full deregulation of the domestic market. ' CIMB Research, Feb 17
This article appeared in The Edge Financial Daily, February 18, 2011.
Company Name: PETRONAS DAGANGAN BHD
Research House: CIMB
Petronas Dagangan Bhd
(Feb 17, RM12.70)
Maintain outperform at RM12.50 with target price RM15.40: Petronas Dagangan's (PetDagang) record quarterly net profit of RM236 million for 3QFY11 took 9M bottom line to an all-time high of RM641 million. At 73% of our full-year forecast, it met our expectations as we anticipate a stronger 4Q. However, at 82% of consensus numbers, it beat market expectations. The absence of an interim dividend was expected. We maintain our forecasts and continue to value the stock at our target market PER of 14.5 times, leading to an unchanged target price of RM15.40. PetDagang remains an 'outperform' based on the potential re-rating catalysts of: (i) leadership in the retail and lubricant segments; (ii) an overseas venture; and (iii) earnings upgrades by the market. Its 6.8% dividend yield, the highest in the sector locally and the second highest regionally, adds to the attraction.
Net profit in 3Q rose 26% year-on-year (y-o-y), thanks to an improvement in volume and margin supported by a bigger petrol station network and higher vehicle population. Furthermore, the steady movement of the oil price in October to December helped stabilise the selling prices of products that do not come under the automatic pricing mechanism. These positive factors boosted earnings before interest and tax (Ebit) margin to 5.5%, the highest since 1QFY10's 5.8%.
The government raised the selling price of RON 95 petrol by 5 sen per litre in December while the price of RON 97 petrol was adjusted upwards twice by 5 sen in November and 15 sen in December. However, the price increases did not have a major impact on sales volume as the increases were not unexpected.
Furthermore, the double hikes for RON 97 affected mostly high-end users with performance cars. An estimated 75% to 80% of motorists use RON 95, which is kept affordable at RM1.90 per litre. RON 97 retails at RM2.50 per litre.
PetDagang is Malaysia's No 1 petroleum retailer. It is also tops in the commercial and LPG segments. However, the company still trails behind Shell in the retail and lubricant segments. Management targets to wrest the retail leadership position from Shell within three years. In the lubricant segment, where it is a late entrant, PetDagang aims to be the leader in five years.
PetDagang is currently mandated to operate only in Malaysia. However, this may change as management is mulling the possibility of operating outside Malaysia. In addition to the eventual reality of hitting a saturation point, we believe its interest in widening its market exposure may have been triggered by the likelihood of full deregulation of the domestic market. ' CIMB Research, Feb 17
This article appeared in The Edge Financial Daily, February 18, 2011.
PETDAG - Petronas Dagangan 'hold' call remains
Stock Name: PETDAG
Company Name: PETRONAS DAGANGAN BHD
Research House: HWANGDBS
Company Name: PETRONAS DAGANGAN BHD
Research House: HWANGDBS
HWANGDBS Vickers Research Sdn Bhd has maintained its 'hold' recommendation on Petronas Dagangan Bhd (PDB) at a higher target price of RM12.50 from RM10.15.
The research house said PDB remained cash-rich and as at end-December 2010, it has net cash of RM1 billion even though it has paid out RM633 million dividends.
"We believe it could sustain a high dividend payout," it said in a research note today.
HwangDBS said it has also raised PDB's FY11-FY13 net profit forecast by 6.7-9.4 per cent, factoring in overall higher crude oil to US$90-US$105 per barrel in 2011-2013 from US$80-US$95 per barrel, previously.
PDB yesterday reported that pre-tax profit for the third quarter ended Dec 31, 2010 rose to RM331.897 million from RM256.924 million in the same period of 2009.
Revenue increased to RM5.932 billion from RM5.337 billion previously. -- BERNAMA
The research house said PDB remained cash-rich and as at end-December 2010, it has net cash of RM1 billion even though it has paid out RM633 million dividends.
"We believe it could sustain a high dividend payout," it said in a research note today.
HwangDBS said it has also raised PDB's FY11-FY13 net profit forecast by 6.7-9.4 per cent, factoring in overall higher crude oil to US$90-US$105 per barrel in 2011-2013 from US$80-US$95 per barrel, previously.
PDB yesterday reported that pre-tax profit for the third quarter ended Dec 31, 2010 rose to RM331.897 million from RM256.924 million in the same period of 2009.
Revenue increased to RM5.932 billion from RM5.337 billion previously. -- BERNAMA
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