Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 9): AllianceDBS Research has initiated coverage on Hibiscus Petroleum Bhd with a “Buy” rating at 95 sen and target price RM1.48 and said the stock was the best proxy to rising oil prices.

In a note Jan 8, the research the company’s earnings are to double in FY19 from full-year inclusion of North Sabah EOR PSC and enhancement works at Anasuria Cluster.

“Further upside from more enhancement works and resurrection of Australian operations,” it said.

AllianceDBS Research it had a higher target price than consensus as it believes the street has not fully priced in the acquisition of North Sabah EOR PSC and recent enhancement works on the Anasuria Cluster.

“We believe the impending completion of Sabah EOR PSC will act as near-term share price catalyst,” it said.

 

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