DBS Vickers Securities has downgraded its call on Pearl Energy

SINGAPORE (XFN-ASIA) - DBS Vickers Securities has downgraded its call
on
PEARL Energy to a "hold" from "buy" given that the oil and gas
exploration
firm's share price is trading close to the brokerage's fair value
estimate.

"As the counter is now trading near our fair valuation, we
downgrade
our recommendation to "hold"," said DBS, which has a target price of
1.95
sgd for PEARL Energy.

The company's share price surged today on news that United Arab
Emirates-based Aabar has agreed to buy a 48.29 pct stake in the firm
for
1.95 sgd per share, or about 418 mln sgd, from Indonesia-based
Austindo
Group.

At 2.49 pm, PEARL Energy was up 0.19 sgd, or 10.98 pct at 1.92 on
volume of 12.62 mln shares.