KUALA LUMPUR (Feb 17): Perisai Petroleum Bhd saw 50 million shares crossed in several off-market deals at an average price of 88 sen on Friday.
The 50 million shares represented a 5.87% stake, based on the company’s paid-up of 851.77 million shares.
As at 3.24pm, Perisai shares were up 5.5 sen to 98 sen.
In a recent report, CIMB Equities Research maintained its Outperform recommendation on Perisai with a target price of RM1.45.
The research house said Perisai was set to thrill investors with an anticipated RM10 million to RM12 million net profit for 4Q11, which implied a year-on-year growth of around 55% and a record core net profit of RM35 million for the full year.
“FY11’s 209% core EPS surge will be Perisai’s first earnings growth in four years. We continue to value Perisai at our CY13 target market P/E of 12.6 times. A potentially strong 4Q11 performance, fleet expansion and a prospective marginal field venture support our Outperform call. We have not factored in any contribution from marginal fields,” it said.
The 50 million shares represented a 5.87% stake, based on the company’s paid-up of 851.77 million shares.
As at 3.24pm, Perisai shares were up 5.5 sen to 98 sen.
In a recent report, CIMB Equities Research maintained its Outperform recommendation on Perisai with a target price of RM1.45.
The research house said Perisai was set to thrill investors with an anticipated RM10 million to RM12 million net profit for 4Q11, which implied a year-on-year growth of around 55% and a record core net profit of RM35 million for the full year.
“FY11’s 209% core EPS surge will be Perisai’s first earnings growth in four years. We continue to value Perisai at our CY13 target market P/E of 12.6 times. A potentially strong 4Q11 performance, fleet expansion and a prospective marginal field venture support our Outperform call. We have not factored in any contribution from marginal fields,” it said.
