until 10 am..

trading halt..hmm, no action today.

From CIMB reports.

Potential earnings impact
We view the developments positively. In one fell swoop, Perisai will gain three
high-margin assets (an FPSO facility and two jack-up drilling rigs) without
putting too much strain on its balance sheet. As at 30 Sep 2012, net gearing
stood at 0.9x. Management caps the net gearing at 2x. Assets that are currently
in Perisai's fleet are E3, a mobile offshore production unit (MOPU) and eight
marine support vessels.
The deal with EOC is particularly sweet because it will allow Perisai to own an
asset with a 3+1+1+1 contract in place starting mid-2013 (Lewek Arunothai)
and eventually sell an asset for which it would otherwise have to find a contract
for after the expiry of the existing 4½-year contract in mid-2013 (E3).
Lewek Arunothai will be the production solution at Kamelia. Assuming 1) a
daily charter rate of US$250,000, 2) a 35% net margin, 3) 365 utilisation days
p.a., and 4) an exchange rate of RM3.04 to US$1, Perisai's 51% stake in the
FPSO facility could add RM49.5m to the company's net profit p.a.
Imputing Perisai's 10% private placement, acquisition of 51% of Lewek
Arunothai and sale of 50% of SJR Marine, we arrive at potential EPS
enhancement of 2.8% in FY13 and 3.9% in FY14 (Figure 1). The EPS accretion is
not overly exciting because RM73m of the RM84m placement proceeds
earmarked for the construction of the jack-up rigs will only be utilised when the
first rig is delivered in Jul 2014, 18 months after the expected completion of the
placement.
Perisai has yet to land a contract for the first jack-up rig but has roped in KCA
Deutag as a partner. Headquartered in Aberdeen, KCA operates more than 100
rigs in over 22 countries and employs 8,000 people in Africa, Europe, Russia,
the Middle East, the Caspian Sea and Southeast Asia. Assuming 1) a daily
charter rate of US$150,000, 2) a 25% net margin, 3) 365 utilisation days p.a.,
and 4) an exchange rate of RM3.04 to US$1, one rig could add RM42m to
Perisai’s net profit p.a., thereby securing substantially more growth for Perisai
from FY14.

2) Perisai's acquisition of 51% equity interest in EOC's FPSO unit named Lewek
Arunothai for US$89m (RM271m).
The purchase price will be satisfied by 1) the issuance of 145m new Perisai
shares, and 2) US$37m proceeds from the sale of 50% of SJR Marine.
Assuming an exchange rate of RM3.04 to US$1, the 145m new Perisai shares
will be issued at RM1.10/share, which is the weighted average market price for
five trading days up to 29 Nov. We understand that the transaction is expected
to be completed around mid-2013. Perisai's sale of the 50% equity interest in
SJR Marine is slated for completion later at around Aug 2013 to make sure that
Perisai is not exposed to conversion and contract risks relating to Lewek
Arunothai.

Thanks kcloh for very interesting view.

i'm not sure about this(correct me if i'm wrong) ; the private placement is at 0.99. market cap is losing about Rm8.5m and that's about 0.83% off the last closing price?

oh ic..

new shares; private or public placement doesn't matter..there would still be dilution of earnings. And it would increase the free float...do private placements have lock in periods? free float of the price would be affected after lock in period, if there such a thing. comments?

This explains the support of 1.10 over the 5 days..price was manipulatedfor the entire week. well, shall wait and see how the price moves subsequently...

true, but lets see the afternoon performance..at 4pm and 4.30pm

Good, pros are back in at 1.09 and 1.10. i added at 1.09

standoff.

Mini trader: I agree with you.
390465:As long it's still profit , all else doesn't matter.

bought in at closing price..

hmm, queue some at 1.10.

Nice tiny rebound,lets see if price holds.

cheap does not mean value.

kytan: dangerous.

gap closed...now wait sideway.

Sell and wait after AGM, mana tau announce next month GE13..

kcchongnz: nice one...

wow, old school..

Election theme in the air...i agree with usry .

Nice one isuper...

Aiya, missed 1.10..i personallt feel 1.10 would be the next support...since it just bounce off that..but iwould prefer a second bounce...anyway...better see closing price..

Q3 on 26nov2012

ongtkong: Contra players will...

kcchongnz: Your advice is valid, thanks for the heads up.

Correction mode. 1.10 to 1.08 would be critical, if breaks then it will close the gap first before any upside.....Unless got somemore 'special' news. Punters, traders would exit now, i'm sure there's a lot of T+3 expiring soon..

looking for support...

most likely..

Btw, thanks again excelyou for your opinion...really helpful

after 5pm kut...

huhuhu...i'm joining u all here....let my lucky cat bless u all...kekek

If it is true, then market would definitely take it up...but the question is how accurate is the rumour is? ( hahaha, that's an oxymoron)

what i feel is; they won't announce the share issue so soon yet...porabbly end of the year or early 2013...if they Really gonna annouce that early, Fatt Tatt lor...

so lets see how the price action would be after the Q3 announcement...i do hope for a correction though....itching to get it lower...my 2cents

Cheers :)

Wow, that would be something...to issue the shares at such a high price..

okey noted, tq BBT

yeah, makan like 1.15 level..15000 lots dissappear.. sometimes i wonder if syndicate bought at 1.15 then queue at 1.18...huhuhu

Minitrader: you're right, win some lose some. As long still profit.. Tcleng, this afternoon we will know..:)

Hopefully excelyou's TP 1.28 can be achieved yah ;)

It would be nice if 1.17 to 1.18 can be clear off..then volume would be at least more than yesterday..let see how ppl react to the announcement

Congrats to all! perisai really super lar..

hmmm...

Ntv7 reported mitsubishi want to have one their cars built in Malaysia ; maybe this is the reason?

good luck to those who are still holding..

Anyway, i'm out of perisai for the time being...only manage to sell off the rest at 1.10...now wait and see lar

isupertrade: Thanks we all need the luck we can get...but i do hope i have ur skill though...haha..

great post isuper!

also waiting...better if cloase gap, but that's a long shot..