Comment by CIMB sipeh good on perisai, but share price stagnant.

Business & Markets 2012
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Thursday, 24 May 2012 08:50

KUALA LUMPUR (May 24): CIMB Research has maintained its Outperform rating on Perisai Petroleum Bhd at
89 sen with a target price of RM1.50 and said Perisai shattered its earlier records and delivered a new net profit
high for 1Q12, thanks to maiden contributions from Garuda’s MOPU.

“At 25% of our full-year forecast, the net profit was in line with our expectations but slightly above market at
27% of consensus estimates,’ the research house said in a note Thursday.
“With 1Q12 net profit topping that for the whole of last year, Perisai is set for a record year.

We continue to value it at our CY13 target market P/E of 13x.

“Perisai remains an Outperform and our top small-cap oil & gas pick.

This strong set of results and earning upgrades by the market could lead to a rerating of the stock,” it said.