Increased risk weighs on VELESTO ENERGY, penalising its rating down to Slightly Negative
The independent financial analyst theScreener just lowered the general evaluation of VELESTO ENERGY (MY), active in the Exploration & Production industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date November 26, 2021, the closing price was MYR 0.13 and its target price was estimated at MYR 0.11.UMW Oil & Gas Corp is engaged in the business of an investment holding company and to provide full corporate management, administrative and professional services as well as financial support to its subsidiary companies. Co. operates in two business segments; the Drlling Service is involved in the provision of drilling services for exploration, development and production wells and workover services to the upstream sector of the oil and gas industry; and the Oilfield Service is involved in the provision of threading, inspection and repair services for Oil Country Tubular Goods in Malaysia and overseas, with a focus on premium connections used in high-end and complex wells.
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