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Perdana Petroleum set to expand fleet this year, says CIMB Research

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Perdana Petroleum set to expand fleet this year, says CIMB Research Empty Perdana Petroleum set to expand fleet this year, says CIMB Research

Post by Cals Sat 11 Jan 2014, 01:30

Perdana Petroleum set to expand fleet this year, says CIMB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 10 January 2014 09:36

KUALA LUMPUR (Jan 10): CIMB Research has maintained  its Add rating on Perdana Petroleum Bhd at RM1.62 with a target price of RM2 and said that after a strong earnings turnaround in FY13, Perdana was set to expand its fleet this year, potentially adding more vessels than the two that we had initially expected.

In a note Friday, the research house said the timing was good as the operating environment in the marine support space had been very conducive, with improvement in charter and utilisation rates.

“We maintain our forecasts for now and continue to value the stock at a CY15 P/E of 15.8x, applying a 30% discount to the average P/E of the oil & gas big caps.

“The stronger earnings uptick expected in FY14 is the potential re-rating catalyst that supports our Add call,” it said.
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