Excel – http://1drv.ms/1g8feJ4
– Fair value
– Absolute EY%: 17.13 – 20.16 (MOS: -15.86%)
– PETGAS is current fully valued. MOS for PETGAS should be 17%.
– I do not expect the stock to move up further from the current levels due to a lack of fresh catalysts (the Pengerang regasification terminal will only come onstream at the end of the decade). Valuations are not compelling, but the stock still appeals to funds seeking earnings stability.
– I will continue to hold PETGAS.
Latest Financial – Q1 2014 Financial Report (6 May 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1615589
At the time of writing, I owned shares of PETGAS.