Perisai need to overcome 90sen (76.4%FR) to enhance upside to the upper Bollinger band (96sen) where profit-taking resistance should be strong. Retracement support is at 82sen (61.8%FR).
We like Perisai as a small cap exposure as net profit is expected to almost triple in this FY before normalising in FY13. As it has long-term contracts for its pipe lay vessel, MOPU and about 50% its marine vessels, earnings visibility is good and stable. Besides, we do not discount the possibility of it acquiring more strategic assets to venture into marginal field activities in the near-term.
Recommended BUY on weakness
Midterm Target >>> RM1.30