BPT popped +3.3% yesterday to a 52-week high after announcing a 1H underlying profit of $172.7. The numbers were weaker for production, leading to the winding back of full-year guidance, but it had a good 6-months in terms of earnings. They also announced the freezing of projects in a turnaround bid – the news was welcomed with upgrades from Citi, Macquarie and RBC.
- We can see BPT testing $1.90-$2 this year, but it’s not on our radar at this stage.
MM is cautiously optimistic towards BPT
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