KNM shares price has been beaten again recently due to lower than expected earnings for first quarter ending 31st March 2011. On 30th May 2011 KNM share price closed at RM2.10.
This is the second time this year, KNM share price drop drastically. In February 2011, the price drop from RM2.80 to RM2.30 due to lowest recorded profit. But the price recover to RM2.85 in 2 weeks.
Despite the negative news, many research houses are still maintaining a “buy” call for KNM because their order book is still strong. They believe, it is a good opportunity to accumulate KNM share due to lower share price.
The table below are the compilation of KNM fair value / target price various research house.
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ECMLibra Investment Research continue to be Overweight on the sector as news flow continues to be heavy and very positive. There would be many more contracts to come from marginal fields, development projects (like Tapis), and deepwater developments.
Besides that, Petronas’s intention to increase drilling activity will also enhance the need for support vessels and drilling services and equipment.
On notable major shareholding changes, Employees Provident Fund was seen adding shares across the board, particularly in Petronas Chemicals, SapuraCrest, Wah Seong and KNM.
Table 1 :- Selected Oil & Gas Stocks Fair Value, Target Price & Dividend Yield
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KNM shares price has been beaten recently due to its net profit fell to its lowest level in five year. On 2nd March KNM closed at RM2.34
However, many research houses are still maintaining a “buy” call for KNM on the positive sentiment that its current fiscal year would be better than 2010.
The table below are the target price for KNM from various research house.
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The share prices of O&G stocks are undergoing a re-rating, largely fuelled by positive market sentiment and strong news flow. Going forward, partnerships or actual contract awards will be the main ‘push’ factor for further share price upside and the lucky companies will continue to outperform those which lack news flow. Average sector PER valuation is raised from 13.2x to 16.6x. Maintain Overweight on the sector, with top picks being Kencana Petroleum, Alam Maritim, Petra Perdana and Petra Energy.
Below are target price for selected companies in Oil & Gas Sector.
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Given the success of recent bonus issues in fuelling a rally in share prices and the potential abolishment of ‘par value’ in the Malaysian capital market, we take a look at who else might be declaring bonus issues soon.
Based purely on the share premium to share capital ratio, where the higher the ratio the easier it is to issue bonus shares.
The table below are the list of higher potential bonus issuers among the top 75 companies by market capitalization.
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