BRIEF-Aseambankers cuts Malaysia oil and gas stocks

KUALA LUMPUR, Oct 31 (Reuters) - Aseambankers said on
Friday it downgraded Malaysia's oil and gas sector to
underweight from overweight.

*says cuts target price for companies under coverage by 27
percent to 51 percent

*says lower capex spending, tighter credit financing,
easing price outlook for new contracts and fears about contract
cancellation will weigh on investor sentiment

Company New TP Old TP

Alam Maritim (ALMT.KL) 1.55 rgt 3.14 rgt

EPIC (EPIC.KL) 1.19 rgt 1.63 rgt

Petra Perdana (PTRD.KL) 2.48 rgt 4.00 rgt

Ramunia (RAMU.KL) 1.36 rgt 1.70 rgt

SapuraCrest (SCRS.KL) 1.08 rgt 1.80 rgt

Shell (SLRS.KL) 7.90 rgt 9.10 rgt

Tanjung Offshore (TJGO.KL)1.38 rgt 2.50 rgt

Wah Seong (WAHE.KL) 1.58 rgt 2.65 rgt