Perdana remains committed to its vessel business despite the challenging operating environment arising from a vessel oversupply. In fact, its top priority for FY12 is to arrest the bleeding in the form of non-utilization of its fleet, and engineer a turnaround. One of these steps is through the recent 10% placement of new shares to Dayang to build a business bond of sorts since Dayang, currently operating at full capacity, may charter some of its unutilized vessels. Maintain BUY. Our Fair Value on the stock remains unchanged at RM0.90, based on the existing PER of 12x FY12 EPS.
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