Petronas Dagangan.

买 Petronas Dagangan.

wtk75

今天RM7.30, PE大约11，新高。
慢慢地紧跟着PETGAS后面， 不知后劲如何？？
前阵子还收了红包，所以最近都光顾PETRONAS的油站，
更何况，它的油比较清洁，有力

目前各州，各地，甚至各小镇，
到处都可以看到PETRONAS崭新的油站，
是否是公司正写下前景新的篇章呢？

aksin

它是经营什么的？就有油站而已吗？

Evolution^_^

PETRONAS的油不好
没有力。。。。
有吃油～～～

Saturday March 31, 2007

Petronas Dagangan on track to be biggest petrol outlet operator
By HARI RAJ
THE world spent much of last year craning its collective neck to see how high oil prices would soar. Though skyrocketing energy costs swiftly depleted wallets and coffers alike, companies involved in the oil and gas sector were laughing all the way to the bank.   Though oil prices have levelled off somewhat, there is still sufficient strength of sentiment in the sector to spill over to the likes of Petronas Dagangan Bhd (PDB). Going by its market capitalisation of RM5.8bil, it is Malaysia's biggest oil and gas stock, dominating the sector's total market capitalisation with a share of some 25%.   The company is looking to translate this strength to its retail expansion programme. Though Shell is the current leader in the retail segment, with some 825 stations working out to a 33% market share, CIMB points out that PDB is a close second with 30%.   Following a recent company visit, it notes that PDB's expansion programme is on track, what with 34 new petrol stations having been set up thus far in the 2007 financial year (FY07, ending March). Most of these stations have been situated in urban areas, at a cost of RM8mil each including land costs.   “With 36 new stations waiting to start operations, we are confident PDB will at least meet our assumption of 47 new stations for FY07, bringing the total number of stations to 832 at end-March. In our forecasts, we have factored in 50 new stations in FY08, followed by another 53 in FY09,” says the house in a note.   PDB's approach to expansion looks to be a measured one, as it will only open new stations if a sales volume of at least 400,000 litres per month can be generated. This is a far cry from the much lower target of 250,000 litres per month that was in effect a few years ago.   In fact, PDB's average sales volume per outlet is 570,000 litres per month, which is estimated to be 90% of Shell's average. The company spends RM500mil a year on capital expenditure, 80% of which is allocated to retail.   PDB has also been aided in picking up the pace of expansions by a new one-stop unit at the Domestic Trade and Consumer Affairs Ministry, which has cut the approval time for petroleum retail investment applications from two to three years to an equivalent number of months, writes CIMB.   Regarding the expansion trail, reports earlier this year indicated that Petronas could be eyeing ProJET's 147-station Thai network. Though PDB cannot operate outside Malaysia, speculation has it that the company could be seeking to buy ProJET's network of 40 stations in Malaysia, which is currently loss-making. PDB's management has thus far refused to comment on this possibility.   Record profits in store?   In February, Malayan Banking Bhd (Maybank) marked the launch of its 200th automated teller machine (ATM) at a PDB station in Shah Alam. The collaboration between the two has come a long way since Maybank installed its first ATM at the Petronas service station at Jalan Ampang, Kuala Lumpur, in 1985.   According to Spencer Lee, the bank's senior executive vice-president and head of consumer banking, Maybank will install 500 more ATMs at petrol stations during its current financial year, half of which will be at PDB stations. Currently, 200 of the 300 Maybank ATMs installed at petrol stations are located at PDB facilities.   Lee went on to say that some 20,000 transactions per month are conducted at each Maybank ATM located at petrol service stations. Though this pales in comparison to the 24 million transactions per month recorded at the bank's other ATM's, CIMB points out that that retail is very much a volume game, and the presence of an ATM and a convenience store or restaurant can help bring in all-important traffic.   Another area that merits highlighting is PDB's profit track record. The company's cumulative third-quarter net profit came to RM471.2mil, or 77% of CIMB's full-year forecast.   “With its retail expansion programme progressing as scheduled, and crude oil prices and the RM/US$ exchange rate trading at favourable rates, PDB looks set to at least meet our full-year net profit forecast of RM608.1m (up 20% year-on-year), an all-time high for the company,” says the research house.   Given the potential record earnings for FY07, CIMB has highlighted a dividend play on the company, believing that investors can expect a final dividend per share (DPS)of at least 15 sen.   This will bring PDB's full year dividend to an estimated 25 sen, the company's second highest ever after the 40 sen paid out in FY03 (though this included a special dividend of 20 sen in conjunction with its 20th anniversary).   Earnings stability  Going forward, the computation of duties or subsidies is now based on current spot prices rather than the previous month's prices, meaning that there is no longer a lag effect from the automatic pricing mechanism (APM).   Despite this previous lag causing an erratic earnings pattern, PBD was consistent in its payment of dividends, though it has no plans to introduce a dividend policy.   “With the lag effect now a thing of the past, we expect some stability in the company’s earnings per share growth, making it an ideal long-term investment, on top of an excellent play on three themes, namely dividends, mergers and acquisitions and Visit Malaysia Year 2007,” says CIMB.   It adds that PDB is in a net cash position of RM592mil or 60 sen per share, inferring that it can afford potential acquisitions such as ProJET's network of stations. The company also has no long-term loans, and is not expected to take on any during the period forecasted.   It's also worth noting that PBD has also diversified the segments in which it is involved. The timing of its push into aviation fuel, bitumen and commercial diesel was opportune, as some commercial users switched to cheaper, cleaner alternatives. Likewise, PBD is also Malaysia's largest supplier of cooking gas.   CIMB is maintaining its target price of RM7.74 pegged to an unchanged forward price earnings ratio of 11 times (x), a 10% premium to the downstream valuation.   “Given the 33% share price upside and 4% to 6% dividend yields, PDB remains firmly an Outperform with the potential share price triggers being a substantial drop in crude oil price, further strengthening of the ringgit, and M&A activities in the retail and LPG segments,” sums up the house.

我比较乐观， 此股应可到 RM 10.50

wtk75

今天Petronas Dagangan又创下新高了=〉RM7.45