We have revised our forecast in anticipation of Perisai’s 2Q2012 results announcement later this week.
We believe that it is time to change the conservative view we took on operating costs as the company transitioned into the bareboat charter revenue model.
This forecast revision underlines our view that Perisai’s long term bareboat charters and strategy to ride Petronas’ O&G asset localisation directive will provide solid earnings going forward.
We raise our FY12 to FY 14 EPS from 8.2, 8.7 and 9.08 to 9.9, 10.3 and 10.6 sen/share respectively.
Hence, post earnings revision, we raise our TP 20 cents to RM1.60 based on 16x FY/13 EPS of 10 sen/share.
Source: Hong Leong Investment Bank Research - 14 August 2012
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kong73
tp 1.60...still conservative..this is a billion dollar revenue company in 5 yrs
2012-08-16 06:32