Excel – http://1drv.ms/1uQt2nb
– Fair value
– Absolute EY%:
– FY13 (EPS: 0.734) – Fair value 22.08 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.842) – Fair value 25.31 (Fair Value Uncertainty: MEDIUM)
– FY14 (EPS: 0.869) – Fair value 26.12 (Fair Value Uncertainty: MEDIUM)
– FY15 (EPS: 0.912) – Fair value 27.41 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (22): 0.732
– However, based on its decline rate at -2%, PETGAS still worth RM29-34 based on 5-Y projection.
– Upside room of this stock is slightly limited due to a lack of fresh catalysts (the Pengerang regasification terminal will only come onstream at the end of the decade).
– Valuations may not very compelling, but not bad. PETGAS still appeals to funds seeking earnings stability.
– I will continue to hold PETGAS.
Latest Financial – Q3 2014 Financial Report (4 Nov 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1785353
At the time of writing, I owned shares of PETGAS.