TA Keeps SapCrest As Sell, MYR1.33 Target

TA Securities keeps SapuraCrest Petroleum as Sell, targets MYR1.33 as stock "pricey." Comes after company reported 1Q core net profit of MYR4.1 million (after excluding FX gain of MYR6.4 million), which below expectations, down 30% on-year despite 21% rise in revenue; cuts FY08 profit forecast 8.7% to MYR62.8 million after trimming pretax profit margin assumption for drilling, marine division. Stock +1.5% at MYR1.97 in active trade midday.