KUALA LUMPUR : UOB Kay Hian Research has downgraded its rating for SapuraKencana Petroleum Bhd (SAKP) to ‘sell’ with a target price of RM1.43 as it sees more earnings risk arising from further headwinds in the oil and gas industry.
In a note today, the research house said that it is imputing a hefty 39% discount on SAKP’s equity on account of substantial intangibles.
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