Visit to Bintulu. An opportunity to view its newly completed downstream
operations reaffirms our bullish view on SOP, on account of its
execution ability and potential to scale greater heights going forward.
Its downstream endeavour is a strategic move amid a shortage of refining
capacity in Sarawak and the upcoming peak production season. SOP
continues to trade at an unjustifiable discount to its peers. Reiterate
BUY with unchanged TP of MYR8.00 on 13x FY13 PER.
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Source: Maybank Research - 25 July 2012
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