RHB Research maintains Overweight on oil and gas sector

KUALA LUMPUR: RHB Research is maintaining its Overweight call on the oil and gas sector as it expects Petroliam Nasional to ramp up spending.

"Our top picks are SapuraKencana, Dayang, Coastal Contracts and Wah Seong," it said on Monday.

RHB Research said the O&G sector's fourth quarter FY 2013 results were disappointing, as earnings saw more misses than hits due to lofty expectations.

"Most offshore vessel players booked weak performances despite the multi-billion-ringgit contracts awarded in CY13," it said.

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