The Edge’s weekend article on the marginal field aspirations of Petra Perdana’s 29.6%-associate Petra Energy (PENB MK, Not Rated) was not a surprise to us as it had discussed marginal field and fundraising plans during our Oil & Gas Day in Mar. A recent MOU with Labuan Shipyard & Engineering Sdn Bhd (LSE) is expected to support the company’s planned marginal field works. If Petra Energy is successful with its marginal field venture, Petra Perdana could benefit from its associate stake in the latter. For now, we maintain our forecasts and UNDERPERFORM call on Petra Perdana as the delay in its turnaround and weakness in charter rates may lead to further de-rating of the stock. Our RNAV-based target price is unchanged at RM0.86. For exposure to the marine support segment, we prefer Alam Maritim (AMRB MK, Buy).
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