Translate

Translate This Page

Friday, February 8, 2013

CIMB Research ups Perisai Petroleum target price to RM1.63 (STAR)

KUALA LUMPUR: CIMB Equities Research has raised its target price for Perisai Petroleum from RM1.57 to RM1.63, which is 68.6% from the current price of 97 sen.

The research house said its target price rose after it had increased the FY13-14 EPS on imputing the FPSO contributions, loss of contributions from a pipelay unit, and a 10% private placement.

“We continue to value the stock at our CY14 target market P/E of 13.3 times. Perisai remains an Outperform and our top small-cap oil & gas pick.

"Higher-margin new assets and successful drilling and floating production, storage and offloading (FPSO) ventures are potential catalysts,” it said.

CIMB Research said FY12 was a scorching year for Perisai, which turned in record core earnings, mostly thanks to Garuda's MOPU (Mobile Offshore Production Units).

Net profit excluding one-offs was in line, at 101% of our forecast and 99% of consensus. Another record is in store for 2013 when FPSO contributions kick in, it added.

It said the non-cash one-offs include impairment charges on investment in an associate and cold-stacked vessels. Excluding the exceptionals, Perisai posted a 4Q core net profit of RM23mil, up 24% on-year. This took FY12 core net profit to a record RM91mil, equivalent to blistering growth of 158%.

1 comment:

Anonymous said...

Thankѕ foг helping mе to acquire nеw conceρts аbout computers.
I also hold thе belief that one of the bеst wауѕ to hеlp keep уоur notebooκ cоmputeг in prіme сonԁitiοn is wіth a hаrd plastic-tуpe сase, оr perhаps shell, whiсh fits over
the tοp of one's computer. A lot of these protective gear tend to be model specific since they are manufactured to fit perfectly within the natural casing. You can buy these directly from the seller, or through third party sources if they are intended for your notebook computer, however its not all laptop will have a shell on the market. Just as before, thanks for your suggestions.
Look at my web page ; quibids reviews