Perisai is set to thrill investors with an anticipated RM10m-12m net profit for 4Q11, which implies a scorching yoy growth of around 55% and a record core net profit of RM35m for the full year. FY11’s 209% core EPS surge will be Perisai’s first earnings growth in four years. We continue to value Perisai at our CY13 target market P/E of 12.6x. A potentially strong 4Q11 performance, fleet expansion and a prospective marginal field venture support our Outperform call. We have not factored in any contribution from marginal fields.
What You Should Do
We advise investors to accumulate the stock aggressively. It offers the most share price upside in our oil & gas portfolio. Despite this, FY12-13 P/Es are under 8x, making Perisai the cheapest stock in the portfolio. Potential marginal field contracts, which may require MOPUs, add to the attraction.
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