Stock Name: PERDANA
Company Name: PERDANA PETROLEUM BERHAD
Hong Leong Investment Bank has initiated coverage of Perdana Petroleum starting the offshore marine services firm with an "overweight" call.
The bank said the firm will benefit from a pick-up in the global and domestic off-shore oil and gas sector.
"We are projecting a drastic swing from a core earnings loss of RM28 million (in 2011) to a core earnings profit of RM24 million and RM49 million in 2012 and 2013 respectively," it said.
The bank set a target price of RM1.50 per share.
At 9.50am, Perdana Petroleum was trading up 3.0 percent at RM1.03 per share while the benchmark composite index was up 0.23 percent at 1,676.47 points. -- Reuters
Company Name: PERDANA PETROLEUM BERHAD
| Research House: HLG | Price Call: BUY | Target Price: 1.50 |
Hong Leong Investment Bank has initiated coverage of Perdana Petroleum starting the offshore marine services firm with an "overweight" call.
The bank said the firm will benefit from a pick-up in the global and domestic off-shore oil and gas sector.
"We are projecting a drastic swing from a core earnings loss of RM28 million (in 2011) to a core earnings profit of RM24 million and RM49 million in 2012 and 2013 respectively," it said.
The bank set a target price of RM1.50 per share.
At 9.50am, Perdana Petroleum was trading up 3.0 percent at RM1.03 per share while the benchmark composite index was up 0.23 percent at 1,676.47 points. -- Reuters
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