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NewsCIMB Research rates Perisai Outperform, ups TP to RM1.60
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CIMB Research rates Perisai Outperform, ups TP to RM1.60
by hlk Thu 23 Jun 2011, 10:26
KUALA LUMPUR: CIMB Equities Research continues to rate Perisai Petroleum Bhd as an Outperform and raised its target price from RM1.40 to RM1.60.
Garuda Energy Ltd’s vendor -- Nagendran Nadarajah -- has guaranteed Perisai an attractive RM50 million annual net profit for the duration of a 2+1+1 contract for the charter of a mobile offshore production unit (MOPU).
“The profit guarantee, which is a positive surprise as it is 25% higher than our RM40 million annual profit forecast for Garuda, provides a safeguard to Perisai,” CIMB Research said on Thursday, June 23.
The research house said that when factoring in the higher profit for Garuda from 4Q11 onwards, it raised the EPS forecasts for Perisai by 6.1% for FY11, 9.7% for FY12 and 10.3% for FY13.
“This increases our target price from RM1.40 to RM1.60, which we continue to peg to our target market P/E of 14.5 times. This profit guarantee could spark a re-rating of Perisai, which we continue to rate an OUTPERFORM,” it said
Garuda Energy Ltd’s vendor -- Nagendran Nadarajah -- has guaranteed Perisai an attractive RM50 million annual net profit for the duration of a 2+1+1 contract for the charter of a mobile offshore production unit (MOPU).
“The profit guarantee, which is a positive surprise as it is 25% higher than our RM40 million annual profit forecast for Garuda, provides a safeguard to Perisai,” CIMB Research said on Thursday, June 23.
The research house said that when factoring in the higher profit for Garuda from 4Q11 onwards, it raised the EPS forecasts for Perisai by 6.1% for FY11, 9.7% for FY12 and 10.3% for FY13.
“This increases our target price from RM1.40 to RM1.60, which we continue to peg to our target market P/E of 14.5 times. This profit guarantee could spark a re-rating of Perisai, which we continue to rate an OUTPERFORM,” it said
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