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NewsRHB Research maintains Buy on Perisai, ups fair value to RM2.07
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RHB Research maintains Buy on Perisai, ups fair value to RM2.07
by Cals Wed 14 May 2014, 17:33
| RHB Research maintains Buy on Perisai, ups fair value to RM2.07 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Wednesday, 14 May 2014 07:50 |
KUALA LUMPUR (May 14): RHB Research has maintained Buy on Perisai Petroleum Teknologi Bhd with a higher fair value (FV) of RM2.07 (from RM2.05) after Perisai announced further details on its three-year drilling contract.
In a note Wednesday, the research house said the contract was valued at US$158 million (circa RM505.6 million), translating into a daily charter rate (DCR) 12% lower than house assumptions.
“We trim our FY14/FY15 earnings estimates by 18.8%/15.5% to account for the lower DCR, the absence of Rubicone’s earnings contribution in FY14, and its lower utilisation rate in FY15.
“Maintain Buy with a RM2.07 FV (from RM2.05),” it said.
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