Maybank Investment Bank Research has cut Velesto Energy Bhd’s FY21 to FY23 earnings by 58% to 144% due to the operational setback on its Naga 7 rig. Its analyst Liaw Thong Jung said in a note today that he also downgraded Velesto to “sell” from “buy”, and cut its target price by 63% to 11 sen from 30 sen, following the earnings revision.
