Maintain BUY; new TP at MYR1.20. 1Q12 results were broadly ahead of
expectations, prompting a 5-6% upgrade in EPS and TP. Perisai is a
growth stock with business credibility and Ezra as its strategic
shareholder. While it has announced a venture into the rig charter
business, a move into the FPSO market is still likely. Our TP is pegged
to 11x 2013 EPS, comparable to peers with a sub-MYR1b market cap.
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Source: Maybank Research - 24 May 2012
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