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Wednesday, August 24, 2011

PERISAI - Broadly in line (CIMB)

Perisai continued to reap the benefits of last year’s successful restructuring. Though 1H net profit accounted for only 32% of our full-year forecast and 31% of consensus estimates, we consider it to be broadly in line and we maintain our EPS numbers as we anticipate a stronger 2H when maiden contributions from Intan and Garuda come through. These two acquisitions support our 3-year EPS CAGR of 95% and give Perisai the most share price upside in our oil & gas portfolio. Despite this, FY12-13x P/Es are under 7x, making Perisai the cheapest stock in the portfolio. Our target price remains at RM1.60 as we maintain our valuation basis of 14.5x CY12 P/E based on our target for the market. Potential fleet expansion and marginal field ventures underpin our OUTPERFORM call.

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