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CIMB Research expects new record year for Perisai
by hlk Thu 09 May 2013, 08:54
KUALA LUMPUR: CIMB Equities Research has raised its target price for Perisai Petroleum from RM1.63 to RM1.90 and forecasts a new record year for 2013.
It
said on Thursday Perisai was off to a flying start in the first quarter
ended March 31, 2013, which was its best quarter ever, thanks to
Garuda's mobile offshore production unit (MOPU).
"At 20% of our
full-year forecast and 22% of consensus, Q1, 2013 net profit was
broadly in line with expectations. Expect FY13 to be a new record year
as floating production, storage and offloading (FPSO) contributions
kick in," it said.
CIMB Research said it raised the target price
as it now valued the stock at its revised CY14 target market
price-to-earnings (P/E) of 15.6 times, up from 13.3 times previously.
"Perisai
remains an Outperform and our top small-cap oil & gas pick.
Higher-margin new assets as well as successful drilling and FPSO
ventures are potential re-rating catalysts," it said.
It
said on Thursday Perisai was off to a flying start in the first quarter
ended March 31, 2013, which was its best quarter ever, thanks to
Garuda's mobile offshore production unit (MOPU).
"At 20% of our
full-year forecast and 22% of consensus, Q1, 2013 net profit was
broadly in line with expectations. Expect FY13 to be a new record year
as floating production, storage and offloading (FPSO) contributions
kick in," it said.
CIMB Research said it raised the target price
as it now valued the stock at its revised CY14 target market
price-to-earnings (P/E) of 15.6 times, up from 13.3 times previously.
"Perisai
remains an Outperform and our top small-cap oil & gas pick.
Higher-margin new assets as well as successful drilling and FPSO
ventures are potential re-rating catalysts," it said.
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