Published: Thursday May 24, 2012 MYT 8:54:00 AM
Updated: Thursday May 24, 2012 MYT 8:04:40 PM
CIMB Research keeps Perisai as Outperform
KUALA LUMPUR: CIMB Equities Research said Perisai Petroleum shattered its earlier records and delivered a new net profit high for 1Q12, thanks to maiden contributions from Garuda's MOPU.
The research house said on Thursday that at 25% of its full-year forecast, Perisai's net profit was in line with its expectations but slightly above market at 27% of consensus estimates.
“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 13 times.
“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,” said CIMB Research.