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CIMB Research maintains Add on Perdana Petroleum

KUALA LUMPUR: CIMB research has maintained its Add call on Perdana Petroleum with a target price of RM2 as its stronger earnings uptick expected in FY14 is the potential re-rating catalyst that supports CIMB’s Add rating.

In a note on Thursday, CIMB urged investors to accumulate the stock and ride the wave of improvement in Perdana's utilisation and charter rates, which supports the company's earnings turnaround in FY13.

“We expect the positive momentum to continue in FY14 as the company expands its fleet,” it said.

CIMB said that the company has recently taken delivery of its 16th vessel, a work barge named Perdana Protector. The company is set to add two more work barges next year.

The research is encouraged by Perdana's fleet expansion programme being on track.

“The operating environment in the marine support space has been very conducive, with improvement in both charter and utilisation rates.

“Perdana currently fetches a charter rate of around US$2/HP for a 5,000HP anchor handling tug supply vessel, higher than US$1.50-1.80 netted last year.

“Meanwhile, the company's utilisation rate shot up to a robust 83% in 3Q13 from an estimated 74% in 3Q12,” it said.

It added with Perdana Protector, the average age of Perdana's young fleet reduces to less than four years.

“Around 65% of the company's working vessels are on long-term charters, including those with the company's largest shareholder, Dayang,” it said,

CIMB noted Perdana has so far mobilised four vessels for the charters with Dayang.

“It will put Perdana Protector to work, also for Dayang, on a long-term basis effective Feb 2014. To recap, Perdana clinched a 5+1 RM705mil contract from Dayang in May 2013 for the provision of six vessels starting from Jul 2013,” it said.
04 Jan 2014, 01:00 PM
RHB Research ups Perdana Petroleum fair value to RM2.10

KUALA LUMPUR: RHB Research is maintaining its Neutral outlook on Perdana Petroleum but raised the fair value from RM1.90 to RM2.10.

It said on Wednesday Perdana Petroleum won the first contract in 2014 for one of its accommodation barges – Perdana Enterprise.

“The contract, valued at RM52mil, is for a primary term of two years, with an extension option of one year. We raise our FY14F/15F EPS by 9%, as we factor in this favourable charter win and lower our tax assumption,” it said.
06 Mar 2014, 09:29 AM
PERDANA analysis -
06 Jun 2014, 08:48 PM

nice huh.. hehehe
07 Jun 2014, 03:35 PM
PERDANA analysis -
31 Dec 2014, 01:38 PM
See Where Oil Is Going... Visit O'Mighty Capital
26 Aug 2015, 12:22 PM

Started move

06 Mar 2019, 10:35 PM

why the pop today?yeahyeahyeah

13 Mar 2019, 03:57 PM

PERDANA (7108) - 技术分析



- 在PERDANA于2020年1月9日签署总值5,010万令吉的定期租船合约后,股价未立即反映,并以0.400令吉报收。

- 此外,大股东开始通过RCPS以0.325令吉的价格收购PERDANA股票,这进一步增加了购买力,从而推高了PERDANA的股价在2020年1月8日(就在好消息之前!)

- 这对我的研究来说是一个非常好的学习案例。为什么


20 Jan 2020, 12:12 AM

PERDANA (7108) - Technical Analysis

Technical Analysis


- After PERDANA inks time charter contracts worth RM50.1m on Jan 9, 2020, shares price don't reflect the positive new immediately and closed at RM0.400.

- Furthermore, the major shareholder started to acquire PERDANA via RCPS at RM0.325 which further increases buying force to push up PERDANA shares price on Jan 8, 2020 (Just right before good news!?)

- It is a really good study case for my own research.


20 Jan 2020, 12:13 AM

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