JES

JES: DBSV initiates Buy with $0.46 target. Cites JES as most undervalued shipyard in the region, trading below book and underperforming peers by at least 55%.Expects JES to play catch up on back of better operating environment and expected increase in orderbook. Further catalysts include the commencement of a new yard in 2H10 which should be earnings accretive and potential chance of being privatized.