OSK Investment Research has maintained a "buy" call on Petra Perdana Bhd (7108) and believes that the current share price can appreciate to RM1.77 based on a price to earnings ratio of nine times of next year's forecast.
Yesterday, Petra Perdana's shares traded 2 sen down to close at RM1.28.
Analyst Jason Yap sees the 10 per cent stake sale in Petra for RM39.3 million to Nam Cheong Dockyard Sdn Bhd as mutually beneficial.
Petra will have a closer shipbuilder by its side in the event it chooses to expand its vessel fleet. Nam Cheong, on the other hand, gets to charter more vessels and earn some income via Petra.
Money from the stake sale and 1:4 rights issue will go to fund its vessel sale and leaseback deals, repay borrowings and working capital.
Yap said among risks that lies ahead of Petra include an ongoing tussle between two factions of its shareholders.
"This should be resolve soon. Otherwise Petra may lose out on new vessel contract awards to its rivals like Alam Maritim Bhd and Tanjung Offshore Bhd," he said.
- by Business Times
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