Our oil & gas portfolio ended 2011 all fired up, having outperformed the KLCI by 22%. It is in for another blazing year given Petronas’s record capex and various exploration initiatives such as enhanced oil recovery and marginal field developments. The sector remains an Overweight. Also intact are all our stock recommendations, earnings forecasts and target prices. Our top picks are Petronas Dagangan for the big caps and Perisai for the small caps.
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