A block of 50m shares equivalent to 5.9% of Perisai changed hands last Friday. It can only release more shares into the market amidst a surge in both the share price and trading volume, and in anticipation of this week’s announcement of record FY11 earnings. We continue to value Perisai at our CY13 target market P/E of 12.6x. A potentially strong 4Q performance and fleet expansion support our Outperform call. We expect net profits to scale new highs in FY12-13, giving Perisai a sector-beating 3-year EPS CAGR of 100%.
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