MIDF Maintains Positive Stance On O&G Sector

05 July 2012 , By Bernama

KUALA LUMPUR, July 4 (Bernama) -- MIDF Research has maintained its positive stance on the oil and gas sector (O&G) on expectation that contract flows will pick up soon, especially the bigger ticket items.

MIDF said it was still placing its hope on the US$100 billion half-decade capital expenditure committed by Petroliam Nasional Bhd and works for the North Malay Basin.

"In addition, we can look forward to the third risk service contract to be dished out soon," it said in a research note today.

MIDF said Dialog Group Bhd remained its pick with a target price of RM2.80.

"We like Dialog on its strong double-digit earnings compounded annual growth rate of 26 per cent. We also like its management's confident on the growth story of its centralised tankage facilities business in Pengerang capitalising on the Refinery and Petrochemical Integrated Development project," it said.

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