BSR [OUTPERFORM +14.0%] - Strong gasoline spread to support earnings recovery - Update
  • 2021-05-28T16:48:58
  • Company Research
We increase our TP ~4% as we reduce our cost of equity assumption by 50 bps and roll over our TP to mid-2022. Meanwhile, we keep aggregate 2021-2030F earnings nearly unchanged. We upgrade our rating from MARKET PERFORM to OUTPERFORM as BSR’s share price has fallen into attractive territory following a ~15% decline over the past two months.