source: [thestar onine]
RHB Research maintains Buy on Prestariang
KUALA LUMPUR: RHB Research has maintained its Buy call on Prstariang with a higher fair value of RM3.37 from RM2.70 per share as it expects the company to secure a slew of O&G training-related contracts in the near term to propel its share price to new heights.
“Prestariang is set to release its 9MFY13 results on Nov 20. We foresee no major surprises and expect the company’s 9MFY13 net profit to come largely in line with our full-year forecast of RM45.3mil as we gather that it is business as usual at the company’s core ICT training and certification as well as software licensing distribution division,” it said in a note on Friday.
RHB said it expects more new developments relating to its O&G division in the company’s upcoming results briefing on Nov 21.
“We expect Prestariang to announce a third interim dividend per share (DPS) of 3.5 sen for 3QFY13. Hence, its full year payout would come to a DPS of 11.0 sen for FY13 and 12.0 sen for FY14. This will translate into a lucrative annual yield of around 5%,” it added.
In a separate matter, RHB said Prestariang yesterday announced that its unit Prestariang O&G SB, has proposed to acquire an 80% equity stake in Time Out Skills Academy SB (TOS) for a total consideration of RM640,000.
“It has, at the same time, secured a contract worth RM2.2mil to implement the Peneraju Tunas Iltizam programme for 240 students over a period of two years.
“We believe this job is the company’s third involving the provision of O&G training and certification for the O&G industry,” it said.
