Hot Stock Perisai rises despite 3Q results below expectation

by **Cals** Tue 24 Nov 2015, 20:09

Hot Stock

[size=28]Perisai rises despite 3Q results below expectation

By Chester Tay / theedgemarkets.com | November 24, 2015 : 11:57 AM MYT

KUALA LUMPUR (Nov 24): Perisai Petroleum Teknologi Bhd ([You must be registered and logged in to see this image.] Valuation: 1.70, Fundamental: 0.30) rose as much as 2.5 sen or 8% as investors eyed its third quarter net profit surge and world crude oil price gains.

Perisai rose to its highest so far today at 33 sen. At 11:21 am, the counter pared gains at 32 sen, with some 10 million shares done.

Yesterday (Nov 23), Perisai said net profit surged to RM9.63 million in the third quarter ended Sept 30, 2015 (3QFY15), from RM2.23 million a year earlier. For the nine-month (9MFY15) period, Perisai registered a net profit of RM18.27 million versus RM204,000.

Today, Kenanga Investment Bank Bhd ([You must be registered and logged in to see this image.] Valuation: 1.95, Fundamental: 1.80)'s analyst Lim Sin Kiat said Perisai's 3QFY15 core net loss at RM1.8 million came in below the research firm's forecast. The core net loss had excluded foreign exchange gains during the quarter.

"This reduced 9MFY15 core net profit to RM6.9m, which makes up 55.6% and 82.1% of our in-house and street’s full-year estimates, respectively," Lim said.

Perisai and other oil and gas-related stocks gained on higher crude oil prices. KNM Group Bhd ([You must be registered and logged in to see this image.] Valuation: 1.70, Fundamental: 0.85) added 0.5 sen or 1% at about 11:40am today to 51 sen.

SapuraKencana Petroleum Bhd ([You must be registered and logged in to see this image.] Valuation: 0.80, Fundamental: 0.65) traded flat at RM2.13, after rising to its highest so far today at RM2.15.

Reuters reported that crude oil futures rose around 1% on Tuesday, after Saudi Arabia pledged to work toward oil price stability, while a strong U.S. dollar and an expected rise in U.S. crude stocks limited the price rally.

Benchmark Brent futures for January contract climbed 38 cents or 0.85% at US$45.21 a barrel as of 0121 GMT, after it settled up 17 cents at US$44.83 a barrel on Monday.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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