Tuesday, 6 March 2012

HDBSVR maintains Buy on Perisai, TP RM1.20

KUALA LUMPUR (March 6): HwangDBS Vickers Research said Perisai Petroleum Bhd’s share price has risen 27% year-to-date and 38% since its August 2011 update.

“But it is still trading at only 9 times FY12F EPS, which is undemanding compared to the O&G small-cap average of 13 times,” it said on Tuesday.

HDBSVR said it continues to like Perisai for its clear earnings visibility (anchored by MOPU and E3) and potential earnings enhancement from asset acquisition.

“We raised TP to RM1.20, pegged to 12 times FY12F EPS (from 8.5 times previously), after taking into account better earnings visibility with the completion of the MOPU acquisition,” it said.

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