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RHB Research maintains Buy on Perisai Petroleum, cuts fair value

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RHB Research maintains Buy on Perisai Petroleum, cuts fair value Empty RHB Research maintains Buy on Perisai Petroleum, cuts fair value

Post by Cals Mon 17 Mar 2014, 12:38

RHB Research maintains Buy on Perisai Petroleum, cuts fair value
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 17 March 2014 07:53

KUALA LUMPUR (March 17): RHB Research has maintained its Buy rating on Perisai Petroleum Teknologi (PPT) with a lower fair value of RM2.05 (from RM2.28) after PPT’s 51%-owned Intan Offshore acquired a US$7million anchor handling tugboat (AHT).
In a note Monday, the research house however said it opined that the AHT's contribution to group earnings would be negligible.
“We trim our FY14 forecasts as we believe Rubicone and E3 would be idle for most of 1HFY14.
“We raise our FY15 forecasts as we impute a higher drilling rig daily charter rate, in line with the market rate. We maintain Buy with a lower fair value of RM2.05 (from RM2.28),” it said.
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