Highlights of the day
§
SapuraKencana
Petroleum (Quick bits): Hit by
acquisition accounting (Maintain HOLD, TP: RM2.46) [download
report]
Following a visit to SapuraKencana Petroleum (SAKP), we cut our FY13F
earnings to adjust for the accounting treatment arising from the merger between
Kencana Petroleum and SapuraCrest Petroleum as well as the merger cost which we
have yet to fully account for. We
conservatively downgrade FY14 and FY15 net profit by 6% by assuming a lower
EBITDA margin. Correspondingly our
target price is downgraded from RM2.52 to RM2.46 based on 20x CY13 EPS of
12.3sen. Maintain HOLD.
Other reports
Other Malaysian news
§
Maxis, Redtone: Ink infrastructure, spectrum
sharing agreement
§ KLK:
Plans overseas expansion
§ FGVH:
EPF no longer major shareholder
§ SP
Setia: Set to unveil luxury condo project in JB
§ Boustead: RM400m MRO ventures in Penang ,
Terengganu
§
DRB-Hicom: Lotus submits
new plan to stem red ink
§
Media
Chinese: To reward shareholders
§ Guan
Chong: Plans
for Singapore
§ Oil & Gas: Plan to float NGC Energy
§ Property:
RM6.5bn projects planned in Penang
Global news
§ US
§ US: Wholesale
prices rise for first time in four months
§ Europe: Italy
§ Europe : Merkel
gives no ground on demands for oversight in debt crisis
§ China
§ China
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