Maintain Buy, TP of MYR1.13. Perisai has opted to buy a new jack-up rig
(with a Jul 2014 delivery date) with the option to acquire another (for
delivery by 2015). This is earnings positive and balance-sheet
manageable. We have highlighted a likely extension to its business in
the past although we reckoned a FPSO venture would have been a more
likely prospect. We still do not rule out this FPSO venture, which would
be a re-rating catalyst. Our TP tags Perisai at 11x 2013 EPS.
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Source: Maybank Research - 9 May 2012
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