OSK Research said during a recent meeting with PETRA PERDANA BHD []’s management over the disappointing 2QFY10 results, it gathered that prospects in the upcoming two quarters would remain unexciting.
“We view Petra Perdana as a stock to look at in 2011 rather than now as we expect O&G activities to have cranked up by then,” it said on Wednesday, Sept 8.
OSK Research said currently, the company is still inflicted with unfavorable charter rates and low vessel utilisation due to supply overwhelming demand.
The research house said it was downgrading the FY10-11 earnings and likewise its call from Buy to Neutral. Its revised target price was RM1.21.
By The Edge Malaysia
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