An M&A target? Results were poor, hit by substantial one-offs (RM42m) and weaker OSV performance in 4Q. Following the kitchen-sinking, Perdana will save up to RM10m p.a. on depreciation charges, leading us to raise our 2012-13 forecasts by 49-60%. With a cleaner balance sheet and attractive assets, Perdana appears ripe for a take-over. Our revised TP of RM0.98 is pegged to a higher 0.8x 2013 P/BV (0.7x previously) to reflect the positives highlighted above.


Maybank Research 1 March 2012

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