KS Energy

Norwegian-based Pareto Securities initiates KS Energy at Buy with $1.35 target price based on 6x FY11 EV/EBITDA. Highlights company offers a unique rig asset play with good market position in distribution of niche energy equipment, components plus operates variety of jack-ups, accommodation rigs, liftboats. Enlarged distribution biz following recent consolidation with SSH Corp & Aqua-Terra enables group to offer wider range of services & bid for larger projects. Techinicals positive