Bursa Malaysia Stock Watch

Perisai Petroleum: Maintain Buy - Extends OSV Charters, As Expected

kltrader
Publish date: Wed, 19 Sep 2012, 09:43 AM
kltrader
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  • Maintain BUY; TP unchanged at MYR1.40 (11x FY14 EPS). The bare-boat contract charter extension of up to 2017 (3+1+1 years) for all eight of its OSVs at rates similar to its previous contract, is positive for earnings visibility but not unexpected, for management had alluded to such a possibility earlier on. Separately, we are not ruling out the prospect of Perisai moving into the FPSO space, which, in our view, would be a boost to its earnings, business profile and target price.
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Source: Maybank Research - 19 Sep 2012
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