STOCKS NEWS MALAYSIA-Affin ups Petra Energy to 'add'

Sun Nov 4, 2012 10:13pm EST

Affin Investment Bank raised its call on oil and gas services firm Petra Energy Bhd to 'add' from 'reduce', citing stronger earnings growth from its recently acquired service contracts.

The research house lifted its earnings forecast for the financial years of 2013 and 2014 by 23.9 percent and 38.3 percent after pencilling in profit contributions from the Kapal, Banang, Meranti (KBM) risk service contract and the Gumusut-Kakap offshore service contract.

Affin also revised Petra Energy's target price to 1.95 ringgit from 1.62 ringgit previously.

As of 0300 GMT, Petra Energy's shares inched down 0.6 percent against the Malaysian benchmark stock index which fell 0.1 percent.

1101 (0301 GMT)

(Reporting by Anuradha Raghu in Kuala Lumpur; anuradha.raghu@thomsonreuters.com)

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1040 STOCKS NEWS MALAYSIA-RHB ups Parkson Holdings fair value

RHB Research raised its fair value estimate on shares of Parkson Holdings Bhd to 5.32 ringgit from 4.90 ringgit, citing the retailer's expansion plans.

Parkson shares were flat at 5.20 ringgit, while the benchmark composite index was down 0.07 percent at 1654.94.

Parkson's operations in China will continue to be a key driver for the company's prospects, with 8 to 10 stores opening annually in smaller cities, RHB said in a note on Monday.

The company's operations in Indonesia is growing steadily and it plans to open stores in Cambodia and Myanmar in 2013, the brokerage said. In Malaysia, the firm's wholly-owned shopping mall, KL Festival City, contributed to operating profit positively in 2012, RHB said.

However, Parkson's shares could be hurt by a slowdown in consumer spending in China and if expenses on new stores and malls exceed expectations, it added.

1038 (0238)

(Reporting by Siva Sithraputhran in Kuala Lumpur; Editing by Anand Basu; siva.sithraputhran@thomsonreuters.com)

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