Maintain BUY; new TP at MYR1.20. 1Q12 results were broadly ahead of expectations, prompting a 5-6% upgrade in EPS and TP. Perisai is a growth stock with business credibility and Ezra as its strategic shareholder. While it has announced a venture into the rig charter business, a move into the FPSO market is still likely. Our TP is pegged to 11x 2013 EPS, comparable to peers with a sub-MYR1b market cap.
Click here for full reportSource: Maybank Research - 24 May 2012