KUALA LUMPUR: AmInvestment Bank Research has initiated coverage on Hibiscus Petroleum Bhd
with a "buy" recommendation at a sum-of-parts-based fair value of 79 sen a share, which represents 36% upside potential.
"This implies an enterprise value/proven and probable reserves (2P) valuation of US$6.10/barrel – at discounts of 26% to EnQuest’s US$8.30/barrel and 45% to regional average of US$11.20/barrel," said the research house.
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