Posted by Ooi Teik Bee > 2017-12-07 13:31 | Report Abuse

Please note that there is an unabsorbed tax credit of RM 1.1 billion, hence FY 2017, there is no such tax of 24%.
FY 2017 EPS cannot be 2.03. Presently for 3 quarters, EPS is already 2.41. I expect Q4 2017 EPS to be 1.00. Full year EPS for 2017 is 3.41.
PER = 8, target price is 27.28.

Please check again your calculation.

Thank you.
Ooi

Posted by Primelife > 2017-12-07 13:45 | Report Abuse

hY GG

Posted by HENGYUAN @RM21 CONFIRM COMING > 2017-12-07 14:06 | Report Abuse

no need to be so bullish,

Lets say EPS Q4 is just 0.80, Full yr EPS will be 3.20

P/E apply only 7, TP-22.40

EPS Q4=0.60, EPS full yr 3.02, P/E 7=21.14
EPS Q4=0.50, EPS full yr 2.92, P/E 7=20.44

any low only EPS, and P/E, still the price target is near RM20,

Thts 78.5%!!!!!

Posted by ValueMaker78 > 2017-12-07 14:12 | Report Abuse

27%-28% tax rate will be more safer, they will be a lot unallowable expenses.
PBT RM 800mil
PAT RM 576mil
EPS RM 1.92
P/E 8 (Petronm)
TP RM 15 (in 3 months maybe, but not now)
Uncertainty,
1.Brent oil price 61.39
2.Crack spread movement

Posted by HENGYUAN @RM21 CONFIRM COMING > 2017-12-07 14:13 | Report Abuse

tax rate where got so high.....

Posted by HENGYUAN TP $24 (ilovehits) > 2017-12-07 14:19 | Report Abuse

OTB sir, yes, should apply 8x to HENGYUAN. Market will give 8x p/e ratio to HENGYUAN gradually in next year, I think.

Posted by shortinvestor77 > 2017-12-07 14:26 | Report Abuse

All syiok sendiri. China discovered the largest oil reserve recently. China is not going to import anymore. Instead, China will export.

Posted by shortinvestor77 > 2017-12-07 14:28 | Report Abuse

Further more, Hengyuan has been delaying to upgrade it's refinery as lack of capital. The deadline given by our Gov is riped within 9 months time. Wait and see!

Posted by limch > 2017-12-07 21:23 | Report Abuse

RH TP RM 16.21 why drop 28 sen?

Posted by kenlee > 2017-12-07 21:24 | Report Abuse

tomorrow will drop more

Posted by Alex Chin > 2017-12-08 07:50 | Report Abuse

Just keep for mid term, time will tell.