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Perisai Petroleum falls 4.4% on challenging outlook
by Cals Wed 07 Jan 2015, 09:30
Perisai Petroleum falls 4.4% on challenging outlook
KUALA LUMPUR (Jan 6): Shares of Perisai Petroleum Teknologi Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) fell 4.4% in early trade on Tuesday as the company’s outlook was seen as challenging by analysts.
At 9.17am, Perisai fell two sen to 43.5 sen with 1.36 million shares traded.
RHB Research has maintained its “Sell” rating on Perisai at 46 sen with a lower target price of 35 sen (from 88 sen) and said Perisai continues to be weighed down by its idle assets, with its two jack-up rigs yet to be delivered and potentially facing difficulties in securing charter contracts.
“Reiterate Se due to a lack of earnings visibility, with a lower 35 sen target price (23.9% downside), based on 8x FY15F P/E. We reduce our FY15/FY16 earnings estimates by 28%/23% respectively,” it said.
KUALA LUMPUR (Jan 6): Shares of Perisai Petroleum Teknologi Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) fell 4.4% in early trade on Tuesday as the company’s outlook was seen as challenging by analysts.
At 9.17am, Perisai fell two sen to 43.5 sen with 1.36 million shares traded.
RHB Research has maintained its “Sell” rating on Perisai at 46 sen with a lower target price of 35 sen (from 88 sen) and said Perisai continues to be weighed down by its idle assets, with its two jack-up rigs yet to be delivered and potentially facing difficulties in securing charter contracts.
“Reiterate Se due to a lack of earnings visibility, with a lower 35 sen target price (23.9% downside), based on 8x FY15F P/E. We reduce our FY15/FY16 earnings estimates by 28%/23% respectively,” it said.
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