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Monday, April 22, 2013

RHB Research upgrades MISC to Buy at RM5.88

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/4/22/business/20130422090321&sec=business


KUALA LUMPUR: RHB Research expects a selldown on MISC Bhdafter Petronas failed to take MISC private as it has not met the required acceptance level for its buyout offer, just 3.93% below the required 90% ownership.
“We advise investors to accumulate on MISC as we see value in the company as prospects remains bright moving forward. Upgrade to Buy at RM5.88,” it said.
To recap, at the closing deadline at 5pm on April 18, only 23.4% of MISC's minority shareholders has agreed on the buyout offer from Petronas, which increases the national oil major's stake in the company to 86.07%.
RHB Research said other smaller minorities may have blocked the deal as the offer price may not be attractive enough.
“Our sum of parts methodology values MISC at RM5.88 per share. The independent adviser's valuation range on the shipping conglomerate is at RM5.69 to RM6.10 per share,” it said.



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