BSR [OUTPERFORM 14.8%] - Upgrade and expansion project raises some concern - Update

Company Research

14 Aug 2018

We update BSR with an OUTPERFORM recommendation and a TSR of 14.8% as the share price has fallen 22.9% since our Initiation note. We cut our TP by 9.4% mainly due to a higher risk premium and lower target multiples. 2018 NPAT is estimated to decline by 14.5% YoY as a strong volume recovery from a turnaround (TA) last year will likely fail to offset declines in diesel (DO) and gasoline spreads.
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