PSL: CIMB attributes gains of 45% since last Tues to says investors' excitement about PSL's impending venture into the coal mining biz, via its wholly owned PSL Energy Resources. House believes the co is fundamentally sound, and has been profitable since FY06 with net profit of $4.6m for FY10...
Assumes a potential range of 6X-25X but notes difficulty in valuation due to new stream of business and puts PSL's fair value btwn S$0.09-S$0.375. Orderbook quotes suggest S$0.300 as strong resistance.
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