PETALING JAYA: The sinking of Velesto Energy Bhd’s Naga 7 rig off the coast of Sarawak has cast some doubt on the group’s near-term earnings visibility.
Maybank Investment Bank Research (Maybank IB) in a report said it is cutting its target price by 63% to 11 sen, following a 58% to 144% cut in Velesto’s 2021 to 2023 earnings as a result of the operational setback on its Naga 7 rig.
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