Showing posts with label MISC. Show all posts
Showing posts with label MISC. Show all posts
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February 4, 2013
Affin raises target price on MISC
Stock Name: MISC
Company Name: MISC BHD
Affin Research raised its target price on shipping firm MISC Bhd to RM5.30 from RM4.61 following the buyout offer from Petroliam Nasional Bhd.
"We view the offer as reasonably positive, given the uncertainty in a challenging shipping environment over the next year and low public shareholding spread," Affin said in a research note on Monday.
Petronas, Malaysia's state-owned oil firm, offered RM8.8 billion or RM5.30 per share for MISC last Thursday. Affin maintained an "add" rating on MISC, which saw its shares open 17 per cent higher on the news.
MISC, which disposed of its liner business last year, expects its earnings to improve. "We believe the proposal by Petronas is an opportunistic move to ride on MISC's expected earnings recovery and tap into its deep embedded value," said Affin.
MISC was up 17.08 per cent at RM5.21 as of 0955 a.m. (0156GMT), its highest since April last year. -- Reuters
Company Name: MISC BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 5.30 |
Affin Research raised its target price on shipping firm MISC Bhd to RM5.30 from RM4.61 following the buyout offer from Petroliam Nasional Bhd.
"We view the offer as reasonably positive, given the uncertainty in a challenging shipping environment over the next year and low public shareholding spread," Affin said in a research note on Monday.
Petronas, Malaysia's state-owned oil firm, offered RM8.8 billion or RM5.30 per share for MISC last Thursday. Affin maintained an "add" rating on MISC, which saw its shares open 17 per cent higher on the news.
MISC, which disposed of its liner business last year, expects its earnings to improve. "We believe the proposal by Petronas is an opportunistic move to ride on MISC's expected earnings recovery and tap into its deep embedded value," said Affin.
MISC was up 17.08 per cent at RM5.21 as of 0955 a.m. (0156GMT), its highest since April last year. -- Reuters
January 31, 2013
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