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NewsCIMB Research maintains Add on Perisai, raises target price to RM2.37
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CIMB Research maintains Add on Perisai, raises target price to RM2.37
by Cals Wed 11 Jun 2014, 01:53
| CIMB Research maintains Add on Perisai, raises target price to RM2.37 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Tuesday, 10 June 2014 09:59 KUALA LUMPUR (June 10): CIMB Research has maintained its Add rating on Perisai Petroleum Bhd at RM1.58 with a higher target price of RM2.37 (from RM2.28) and said that at the end of this month, Perisai is set to take delivery of jack-up drilling rig Perisai Pacific 101 (PP101), the second asset that will support the company's transformation from a bareboat charterer to an operator. In a note June 9, CIMB Research analyst Norziana Md Inon said Perisai’s management shared the information during Invest Malaysia Monday. She said PP101 was expected to start working in mid-Aug, reversing the current earnings profile that is challenged by the idling of mobile offshore production unit Rubicone and pipelay barge Enterprise 3 (E3). “Our target price rises as we now value the stock at 16.4x CY15 P/E (15.8x earlier), still at a 30% discount to the oil & gas big caps. “We maintain our Add recommendation, with the strong earnings recovery in 2H14 and full deployment of the assets as potential re-rating catalysts,” she said. |
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