Yesterday, Petra Group announced that Petra Perdana will be transferring 3 vessels, namely Petra Orbit, Petra Galaxy and Petra Endeavour, to Petra Energy at a cost plus profit (about RM12m) totalling RM213.4m. Both Petra Orbit and Petra Galaxy are accommodation work boats capable of carrying 189 men while Petra Endeavour is an accommodation/work barge.
Maintain Buy. Our target price for Petra Perdana of RM3.50 is based on PER of 9x FY10earnings. We have a Neutral call on its 60%-owned subsidiary, Petra Energy, with a target price of RM1.99.
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