MIDF Research maintains 'buy' on Dayang, cuts target to RM2.18

MIDF Research maintains Buy on Dayang, cuts target to RM2.18

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KUALA LUMPUR (Aug 19): MIDF Research has maintained its “buy” rating on Dayang Entreprise Holdings Bhd with a lower target price of RM2.18 (from RM3.42) and said Dayang was expected to announce its 2Q15 earnings results next week.

In a note today, the research house said it was anticipating stronger quarterly sequential earnings.  

“However, we are revising our FY15 and FY16 forecasts downwards after being too bullish on activity levels and  in line with Petronas’ recent guidance.

“We are also consolidating Perdana Petroleum’s FY16 earnings forecast into Dayang’s FY16  earnings forecast.

“Maintain 'buy' with revised target price of RM2.18 per share,” it said.