Commodity revenue was 5% ahead of Credit Suisse forecasts in the first quarter while LNG revenue was 12% ahead. The broker adjusts realised price assumptions for the next year relative to Brent oil pricing.
Credit Suisse retains an Outperform rating, with APLNG revenues consistently beating forecasts and conditions in the domestic utility industry improving relative to expectations. Target is reduced to $8.40 from $8.50.
Target price is $8.40.Current Price is $7.86. Difference: $0.54 – (brackets indicate current price is over target). If ORG meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).