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Sunday, May 15, 2011

Kencana Petroleum Set To Soar

Kencana Petroleum is set to soar after favourable announcement to buy Allied Marine and Equipment for RM400million in a solidifying move to become a fully integrated oil and gas powerhouse.

Oil and gas dominates the top 10 US stocks. Currently on Petronas linked stocks dominate in Bursa Malaysia. There is room for others.

Kencana Petroleum coming up with this stratagem to power-up itself amidst all the oil and gas players plus a key RM250million deal with Shell in Sarawak are signs that is is set to soar.

Look out for research and market interest these coming weeks.

Previous Rating by OSK:

A positive upward revision is strongly coming. Adding another 50 sen to 1 RM is a possibility. A nice comparison is Petronas Chemicals. From a starting of RM5 to current price range hovering around RM7.00.

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