Wednesday, 9 May 2012

CIMB Research maintains Outperform on Perisai , target price RM1.50

KUALA LUMPUR (May 9): CIMB Research has maintained its Outperform rating on PERISAI PETROLEUM TEKNOLOGI [] Bhd at 89 sen with a target price of RM1.50 and said Perisai 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.

In a note Wednesday, the research house said each rig could boost net profit by RM40 million 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. We continue to value the stock at our CY13 target market P/E of 13x.

“Perisai remains an Outperform and our 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.

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