PETRONAS Dagangan Fully Valued

Petronas Dagangan (RM9.10; Fully Valued; Price Target:
RM8.10; PETD MK)
Pedestrian earnings outlook
•  On track to meet FY10 forecast earnings 
•  Expect pedestrian earnings outlook in FY11-12 
•  Valuation is rich; Maintain Fully Valued with RM8.10 TP source: HWDBS