KUALA LUMPUR (Feb 27): CIMB Equities Research is maintaining its Outperform call on Petronas Dagangan at RM18 and a target price of RM21.10.
It said on Monday a RM40 million special bonus for unionised non-executive staff is behind PetDag’s 8% earnings shortfall for the nine-month financial period ended Dec 31, 2011.
“We remain pumped over the retailer’s local and regional expansion plans,” it said.
CIMB Research said a third interim DPS and a special DPS totalling 50 sen took FY11 DPS to 80 sen.
“We continue to value PetDag at 17.6 times CY13 P/E, 40% premium over our target market P/E. The stock remains an Outperform and our big-cap oil & gas top pick,” it said.
It said on Monday a RM40 million special bonus for unionised non-executive staff is behind PetDag’s 8% earnings shortfall for the nine-month financial period ended Dec 31, 2011.
“We remain pumped over the retailer’s local and regional expansion plans,” it said.
CIMB Research said a third interim DPS and a special DPS totalling 50 sen took FY11 DPS to 80 sen.
“We continue to value PetDag at 17.6 times CY13 P/E, 40% premium over our target market P/E. The stock remains an Outperform and our big-cap oil & gas top pick,” it said.
