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CIMB Research maintains Outperform on Perisai
by hlk Wed 09 May 2012, 12:36
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform recommendation on Perisai Petroleum with a target price of RM1.50.
It said on Wednesday that Perisai has kicked off its move into the drilling segment with the award of a construction contract for a jack-up rig and an option on another.
“Each rig could boost net profit by RM40mil per annum effective 2H14, allowing the company to enjoy yearly record net profits at least until FY16.
“Even without the new rigs, FY12-14 are already shaping up to be record years for Perisai,” it said.
CIMB Research said it continues to value the stock at its CY13 target market P/E of 13 times.
It said Perisai remains an Outperform and its top small-cap oil & gas pick. This announcement could be a significant re-rating catalyst as the market has been anticipating new assets.
It said on Wednesday that Perisai has kicked off its move into the drilling segment with the award of a construction contract for a jack-up rig and an option on another.
“Each rig could boost net profit by RM40mil per annum effective 2H14, allowing the company to enjoy yearly record net profits at least until FY16.
“Even without the new rigs, FY12-14 are already shaping up to be record years for Perisai,” it said.
CIMB Research said it continues to value the stock at its CY13 target market P/E of 13 times.
It said Perisai remains an Outperform and its top small-cap oil & gas pick. This announcement could be a significant re-rating catalyst as the market has been anticipating new assets.
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