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apple developer account:Worse to come for PetDag in 1Q, says Kenanga


KUALA LUMPUR: Kenanga Research is expecting worse to come for Petronas Dagangan Bhd in 1QFY21 following the negative impact to 4QFY20 earnings by the reimposition of the movement control order in January 2021."Following the re-imposition of MCO in January 2021 with stricter travel restrictions, we foresee the upcoming1QFY21 quarter to be also another badly hit quarter."Nonetheless, as more economic activities are allowed to operate during this second MCO re-imposition (as compared to the MCO last year), we expect sales volumes to be less dire comparatively this time," it said.The research house, which maintained its "underperform" recommendation on the the stock said FY20 was below expectations with a net profit of RM285mil meeting 87% and 89% of its and consensus estimates.However, the interim dividend of 17 sen per share brought full-year dividends to 38 sen, which beat expectations as the company opted for a higher payout ratio of more than 100% of profit after tax.Kenanga raised its target price to RM17.60 from RM16 previously as it rolled forward its valuation base year to FY22, pegged to unchanged valuation of 26x price-earnings ratio, which is roughly in line with the stock's historical average."Post-results, we lower our FY21E earnings forecasts by 26% as we trim our sales growth assumption, while introducing new FY22E numbers. At this juncture, we still feel the stock to be trading at rather lofty valuations (42x forward PER), and hence, reiterate our UNDERPERFORM call for now," it said.

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