Wednesday, 18 April 2012

CIMB Research maintains Outperform on PetDag, target price RM21.80

KUALA LUMPUR (April 18): CIMB Research has maintained its Outperform rating on Petronas Dagangan (PetDag) at RM18.78 and target price of RM21.80 and said that unlike Esso stations that ran on empty earlier this month due to a shortage of fuel, PetDag’s pumps were far from dry.

In a note Wednesday, the reach house said that the company’s network expansion was also on track and it had 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,” it said.

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