Good QR result, both top and bottom lines improved.

looking at the past 3 years, 2nd quarter is a weak quarter. the current result is very good, and dividend is so attractive.

surprisingly good qr result. yoy revenue and EPS up 74% and 66%!

Good quarter result, higher EPS and dividend.

pay more dividend would be better for investors, please do not buy back shares

this quarter net profit is more than the last 3 quarters combined, not bad...

Q4 result is likely bad

who has so many shares to dump? do they know something better about the company future?

current liabilities jumped from RM22 million to RM140.5 million!
NTA dropped from RM0.81 to RM0.79

What's the latest Public Bank TP?

Tony is an entrepreneur

There is 535.5M cash flow hedges, this may continue or worse in Q4. Together with the known IAA prior year unabsorbed losses of 469.3M, wiped out the 34 sen NTA.

bad? NTA up from 1.21 to 1.38

Since the US shale oil producers already put in so much money, why would they stop the current production? The more likely action is to reduce investment for future production. Meaning the current oversupply problem is not resolved.

up 4 cents, what's happening?

excelyou Fund manager sold 1,000,000 shares at RM1.10.

The total shares exchanged at RM1.10 today is only 412,700 shares. pls clarify.

but then why the big share holders are disposing recently?

what's happening?

director is acquiring...

anyone got FA? it's turning from lost to gain, any estimate on the growth?

I'm guessing Perisai has another contract in progress...

big share holder, Lynear Plus has been disposing. any clue?

Alliance Research is recommending STRONG BUY.

Perisai announced their debut into the FPSO market with a proposal to take a 51% stake in Emas Victoria (L) Bhd, which will own the Lewek Arunothai FPSO, from EOC Ltd. The purchase consideration of RM271.8m will be settled via issuance of new shares and sale of 50% stake in the E3 pipe lay barge to EOC. Although near term earnings will be diluted by enlarged share base from the new shares to be issued to EOC and the 10% private placement announced last week, we expect strong earnings growth trajectory will resume from FY14 onwards. As such, we maintain our STRONG BUY as we continue to like the longer term prospect of Perisai while valuation remains undemanding.

HLIB is still optimistic about Perisai.

The completion of the deal is perfect as the shares in the Pipe lay barge will be swapped when the FPSO comes on stream. Assuming margins for the FPSO are the same as the groups average EPS rises 19% and 46% to 11.5sen and 14.8sen in FY13 and FY14, respectively despite the 27% increase in paid-up capital to RM1.1bn This implies a valuation rerating of up to RM1.84 based on unchanged 16x which we believe is justified given higher earnings visibility and potential additional growth from the jack up rig (which is not factored into our forecasts yet).

Share price weakness due to confusing over this deal is a chance to buy.

reyes430, you may read the reports from CIMB and RHB (RHB just posted it late afternoon), they show the new EPS value after considering dilution, profit lost due to 50% SJR disposal, interest saving, and new profict from 51% of FPSO. (Kenaga report is showing different numbers in FY13, which i'm yet to figure out.)
In summary, the new EPS for FY13 should be remain unchange or slightly better. FY14 should be better...
More importantly, these deals address the net gearing problem in Perisai, which is my biggest concern. I'm accumulating... :)

Finally, the management is doing something i like. :)
These deals make the business more sustainable, without losing EPS. Good for long term investors like me.

Positive TP adjustment by IBs:
TA 1.39 (-0.14) - without EOC deal
Maybank 1.40 (no change) - pending clarification from mgmt
HwangDBS 1.35 (+0.15)
HLG 1.55 (-0.05) - without EOC deal
CIMB 1.57 (no change) - pending more details

here is the annoucement of Perisai and EOC deal:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1135473

yes, it comes with dilution. but we can expect higher EPS from this deal.

from CIMB:
Perisai's proposed private placement to partly fund the construction of jack-up rigs, purchase of 51% of an FPSO facility and sale of a 50% stake in a pipe installation unit will enhance earnings through the ownership of higher-margin assets while keeping gearing in check.

Perisai has proposed a placement of up to 85m new shares or 10% of its paid-up share capital to raise funds, mostly for part-financing of the construction of jack-up drilling rigs.
Meanwhile, an announcement by Emas Offshore Construction (EOC)
reveals that Perisai plans to 1) acquire a 51% stake in EOC's FPSO facility, Lewek Arunothai, and 2) sell a 50% stake in SJR Marine, which owns a pipelay barge, Enterprise 3, to EOC (see overleaf). EOC is a unit of Ezra (EZRA SP, Outperform),
which has a 16.1% stake in Perisai.

We are positive on the placement and stake sale which will help Perisai kill three birds with one stone 1) improve its earnings through the ownership of higher-margin assets, 2) keep its gearing at manageable levels, and 3) facilitate its eventual exit
from the pipe installation segment to focus on drilling and FPSO
operations (see overleaf). Based on prospective profits, Perisai
will sell the stake in SJR Marine at a P/E of 5.5x. While this may not seem attractive, we note that Perisai's acquisition P/E for the stake in Lewek Arunothai is also 5.5x, which is cheap.

also from AMMB, the net profit margin drop significantly in FY13 and F14. from 53.3% in FY12 to 22.8% and 13.9% in FY13 and FY14.

good price to collect now?

reyes430, I don't know how HLG calculate the 2014 net gearing. I think it is too optimistic.
2012 net gearing estimate from other research houses: RHB 1.2, CIMB 1.14, Kenaga 1.1, Maybank 0.495, HLG 0.29
Net gearing is a concern to me.

HLG is (too?) optimistic on the debt. "Finance costs increased 144% 1H YoY due to debt financing of the MOPU. However, due to the strong cash flow from the long term bareboat charter we expect net gearing to drop to 0.29x and cash increase to RM200m by 2014."

CIMB and RHB keep their TP at 1.57 and 1.47. Perisai needs to keep net gearing below 2.0, otherwise very risky if they failed to secure and renew the expected contracts. As excelyou mentioned earlier, issue new shares to EOC for FPSO is a good option.

quarter report is out. RM21.42 million net profit and 2.52 sen EPS. EPS up 360% yoy, down 8% qoq. within expectation.

buybackma, i thought you have RM5 million to clear the selling queue to RM1.15. :-)

Assuming that Perisai takes a 50% stake in the FPSO, UOB KayHian estimates that net present value (NPV) enhancement for the company could be in the range of 29 sen to 40 sen per share. Should the stake be debt-funded, Perisai's net gearing will rise from one time to 1.6 times, which the research house deem to be manageable and below the company's threshold of two times.

waiting to confirm 52 high breakout...

>5 million shares within the first hour. another 5 millions in the selling queue.

as expected, Perisai rank #1 again...

the FPSO contract worth almost same as Perisai total market cap! but how much of the profit will be contributed to Perisai? anyone has this info?

i don't mean flat q2q is bad. if Perisai can achieve flat result for Q3 and Q4, that means PER 9.45 which is relatively cheap. 1.20 is reasonable to hit. beyond that, it needs at least one new contract.

i don't think Q3 result will be significantly better than Q2, i expect flat q2q. the only catalyst is new contract(s).

momentum is back, looking forward to close 52 high this week.

of course i'm serious. here is my email: cwblog123@gmail.com

kcchongnz, nhy6 may not want your stock analysis report, but i want. can send to me? your hard works and sharing is appreciated.

interesting thread, i like it. :)
i bought icap a few years ago as long term investment. i agree with kcchongnz, will vote against TTB.

Sometimes, company buy back shares to gain control too.
My question: What is FITTERS doing with the bought back shares? cancel them or re-distrubute them share holders?
Personally, I don't like FITTERS buying back their shares. Share buyback will reduce company cash flow and stock free float, which is not a good thing for FITTERS. I think the management should have used the money to grow the business instead, that is their job. If the management is doing their job well, the stock price will reflect accordingly.

BTW, pls take note last day trading on the WA profile:
Last Date & Time for Trading : 07/11/2012 05:00 PM

I bought icap too, but didn't receive email.