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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%.

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