Initiate coverage with a Buy and RM1.13 target price. Perisai, with its
financial muscle, is strongly tipped to enter the rewarding floating
solutions market with Ezra as its strategic partner. This is a major
catalyst and would provide greater earnings visibility, making it a
growth stock with inexpensive valuations at 1-2x EV/EBITDA and
single-digit prospective earnings. Our 11x 2013 PER target is consistent
with the average for peers with a market cap of below RM1b.
Maybank Research - 28 March 2012
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