Results Note � MISC (SELL, maintain) - Lower earnings from petroleum segment MISC reported 2Q17 results with its revenue down 3.8% yoy to RM2.3bn, underpinned by lower revenue from petroleum and heavy engineering segments. 2Q17�s core net profit increased by 28.9% yoy, after excluding losses from impairment and disposal of PPE. 1H17 net profit comprised 63% and 58% of our and consensus 2017 estimates, but we remain cautious on earnings in the coming quarters due to lower charter rates on the back of oversupply of tonnage for the petroleum and LNG segments as well as lower order book for the heavy engineering segment. Maintain SELL call with TP of RM6.50.
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