Petra Perdana +2.5% On MYR73 Mln Vessels Contract

Petra Perdana (7108.KU) is up 2.5% at MYR1.02; this after the company says it's secured a total of MYR73 million worth of new charter contracts for three mid-size anchor handling tug supply (AHTS) vessels. Affin Investment says "we are positive on the new charter contracts, given the decent daily charter rate...and more importantly, these contracts will improve Petra Perdana's vessel utilisation, as well as provide the company with its much-needed cash flow." The house maintains a Trading Buy rating and a MYR1.33 price target for the stock.