BA-Merrill Lynch 19/02/2010 3 Neutral, Medium Risk $14.55 8.0%
The broker notes FY09 net profit was 4% shy of consensus and well short of the broker, who notes it missed on higher cash costs and higher underlying tax. The result sees the broker lower its FY0 net profit forecasts by 9%.
From here on out, it's all about convincing the market about and then executing on a two-train project for GLNG. Step 1 will be to find a customer, step 2 will be to get that customer to buy in so that the capex burden can be shared, says the broker.
With the broker of the belief that the capex issue still isn't clear, and that this presents some serious risks, the Hold call is maintained.
the most current ratings, page-118
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