An FPSO venture in the pipeline? We think Perisai will move into the
FPSO charter market for its next Malaysia project. This will be a major
positive and would be a catalyst to growth and re-rating. Its major
shareholder, Ezra will likely play a role in this development. Our
preliminary estimate suggests that this could lift EPS by 18% p.a. while
still keeping Perisai's net gearing at manageable level. Maintain Buy.
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Source: Maybank Research - 3 May 2012
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