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NewsCIMB Research raises Perisai target price to RM2
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CIMB Research raises Perisai target price to RM2
by Cals Wed 19 Jun 2013, 08:43
Published: Wednesday June 19, 2013 MYT 8:35:00 AM
CIMB Research raises Perisai target price to RM2
KUALA LUMPUR: [url=http://archives.thestar.com.my/search/?q=CIMB Equities Research]CIMB Equities Research[/url] has raised the target price for Perisai Petroleum from RM1.90 to RM2 and maintains its Outperform recommendation on the company.
The research house said on Wednesday although drilling is a new business for Perisai, the company is making its presence felt by building two jack-up rigs.
“These new assets, along with an FPSO vessel, will allow the company to secure stronger growth from FY14 onwards and enjoy record net profits until at least FY16,” it said.
CIMB Research said its target price increased as it raised its FY14-15 EPS to impute the new assets.
“We reduce our FY13 EPS to factor in lower contribution from a pipelay barge. We continue to value the stock at a CY14 P/E of 15.6 times, which is a 30% discount to the P/E of oil & gas big-caps.
“Perisai remains an Outperform and our top small-cap oil & gas pick. Successful drilling and FPSO ventures are potential re-rating catalysts,” said the research house.
CIMB Research raises Perisai target price to RM2
KUALA LUMPUR: [url=http://archives.thestar.com.my/search/?q=CIMB Equities Research]CIMB Equities Research[/url] has raised the target price for Perisai Petroleum from RM1.90 to RM2 and maintains its Outperform recommendation on the company.
The research house said on Wednesday although drilling is a new business for Perisai, the company is making its presence felt by building two jack-up rigs.
“These new assets, along with an FPSO vessel, will allow the company to secure stronger growth from FY14 onwards and enjoy record net profits until at least FY16,” it said.
CIMB Research said its target price increased as it raised its FY14-15 EPS to impute the new assets.
“We reduce our FY13 EPS to factor in lower contribution from a pipelay barge. We continue to value the stock at a CY14 P/E of 15.6 times, which is a 30% discount to the P/E of oil & gas big-caps.
“Perisai remains an Outperform and our top small-cap oil & gas pick. Successful drilling and FPSO ventures are potential re-rating catalysts,” said the research house.
Cals- Administrator
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Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
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